Quiz_196 - Table19-8 Year 2005 2011 Guns Produced 80 90...

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Table 19 - 8 Year Guns Produced Price of Guns Butter Produced Price of Butter 2005 80 $5 40 $4 2011 90 6 60 10 Consider the following data for Tyrovia, a country that produces only two products: guns and butter. 84) Refer to Table 19 - 8. Real GDP for Tyrovia for 2011 using 2005 as the base year equals A) $1,140. B) $880. C) $690. D) $560. 84) Answer: C Diff: 2 Page Ref: 628 - 629/222 - 223 Topic: Calculating Real GDP Learning Outcome: Macro 3: Identify and interpret key macroeconomic measures AACSB: Analytic Skills 85) Refer to Table 19 - 8. Nominal GDP for Tyrovia in 2011 equals 85) Diff: 2 Page Ref: 628/222 Topic: Measuring Total Production Learning Outcome: Macro 3: Identify and interpret key macroeconomic measures AACSB: Analytic Skills Table 19 - 9 Year Nominal GDP Real GDP 2008 $7,400 $7,537 2009 7,813 7,813 2010 8,301 8,165 2011 8,760 8,516 86) Refer to Table 19 - 9. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is 86) Diff: 2 Page Ref: 629/223 Topic: Calculating Real GDP Learning Outcome: Macro 3: Identify and interpret key macroeconomic measures AACSB: Reflective Thinking 21
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Table 19 - 10 Year Oranges Produced Price of Oranges Shirts Produced Price of Shirts 2009 1,800 $0.90 110 $30.00 2011 2,000 1.00 110 35.00 Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts.
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  • Spring '11
  • Lee
  • Economics, AACSB, Interstate 90

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