Consider an economy that produces three goods: Goods 2018 2018 2019 2019 2020 2020 Produced Price Quantity 3 Quantity Quantity Price Price Chocolate $2 $3 $2 $1 $3 $4 4 3 Cheese 2 3 2 Watches $4 5 $3...


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Consider an economy that produces three goods:<br>Goods<br>2018<br>2018<br>2019<br>2019<br>2020<br>2020<br>Produced<br>Price<br>Quantity<br>3<br>Quantity<br>Quantity<br>Price<br>Price<br>Chocolate<br>$2<br>$3<br>$2<br>$1<br>$3<br>$4<br>4<br>3<br>Cheese<br>2<br>3<br>2<br>Watches<br>$4<br>5<br>$3<br>6<br>$4<br>4<br>*Assume the population of the economy didn't change during 2018-2020<br>*All the answers here are rounded up to two decimal places<br>Calculate the nominal GDPS for each year:<br>a.<br>2018:<br>2019:<br>2020:<br>b. Real GDP (Use 2018 as the base year)<br>2018:<br>2019:<br>2020:<br>c. (R)GDP growth rate for 2018 – 2019 (Using 2018 as the base year):<br>d. (R)GDP growth rate for 2018 – 2019 (Using 2019 as the base year):<br>Are the growth rates from c. and d. different? Why?<br>е.<br>f. GDP deflator (Use 2018 as the base year)<br>2018:<br>2019:<br>2020:<br>

Extracted text: Consider an economy that produces three goods: Goods 2018 2018 2019 2019 2020 2020 Produced Price Quantity 3 Quantity Quantity Price Price Chocolate $2 $3 $2 $1 $3 $4 4 3 Cheese 2 3 2 Watches $4 5 $3 6 $4 4 *Assume the population of the economy didn't change during 2018-2020 *All the answers here are rounded up to two decimal places Calculate the nominal GDPS for each year: a. 2018: 2019: 2020: b. Real GDP (Use 2018 as the base year) 2018: 2019: 2020: c. (R)GDP growth rate for 2018 – 2019 (Using 2018 as the base year): d. (R)GDP growth rate for 2018 – 2019 (Using 2019 as the base year): Are the growth rates from c. and d. different? Why? е. f. GDP deflator (Use 2018 as the base year) 2018: 2019: 2020:

Jun 08, 2022
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