The town of York produces three goods, Good A, Good B, and Good C. The following is information regarding York's production of these three goods and their prices over 3 years. Use 2015 as a base year (i.e., 2015 = 100).
Year 2014 Year 2015 Year 2016
Quantity of Good A: 3 4 5
Price of Good A: $10 $10 $11
Quantity of Good B: 10 10 10
Price of Good B: $2 $4 $6
Quantity of Good C: 2 4 6
Price of Good C: $5 $6 $7
GDP questions:
1) What is the total money value of Good A that's produced in 2015?
2) Calculate the nominal (or current dollar) GDP for 2014.
3) Calculate the real (or constant dollar) GDP for 2014.
4) Calculate the real (or constant dollar) GDP for 2015.
5) What is the real economic growth rate from 2014 to 2015?
6) What is the real GDP per capita for 2014, assuming the population equals 10 individuals?
7) Calculate the GDP deflator for 2014, 2015, and 2016.
The town of York produces three goods, Good A, Good B, and Good C. The following is information regarding York's production of these three goods and their prices over 3 years. Use 2015 as a base year (i.e., 2015 = 100).
Year 2014 Year 2015 Year 2016
Quantity of Good A: 3 4 5
Price of Good A: $10 $10 $11
Quantity of Good B: 10 10 10
Price of Good B: $2 $4 $6
Quantity of Good C: 2 4 6
Price of Good C: $5 $6 $7
GDP questions:
1) What is the total money value of Good A that's produced in 2015?
2) Calculate the nominal (or current dollar) GDP for 2014.
3) Calculate the real (or constant dollar) GDP for 2014.
4) Calculate the real (or constant dollar) GDP for 2015.
5) What is the real economic growth rate from 2014 to 2015?
6) What is the real GDP per capita for 2014, assuming the population equals 10 individuals?
7) Calculate the GDP deflator for 2014, 2015, and 2016.
