Econ_102_Test_2_Review_Questions_S09

Econ_102_Test_2_Review_Questions_S09 - Econ 102(01): Test 2...

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1. Sea Island produces only lobsters and crabs.  Table 1 gives the prices and quantities  produced by Sea Island in 2006 and 2007 respectively.  2006 is the base year. Table 1:   The Economy of Sea Island 2006 2007 Price Quantity Price Quantity Lobsters \$20 1,000 \$25 1,450 Crabs \$10 500 \$12    525 a) Calculate Nominal GDP in 2006 and 2007. b) Calculate Real GDP for 2006. c) Calculate the Fisher Volume Index (2006 is the base year) d) Calculate Real GDP for 2007. e) Calculate the GDP Deflator for 2007. 2. Table 2 gives the data for a hypothetical economy where there are three final goods included  in GDP:  pizzas, beer and CDs. Table 2:  Data for a Hypothetical Economy 2004 2003  (Base period) Price Quantity Price Quantity Pizza \$8.00 110 \$6.00 105 Beer \$10.00 50 \$8.00 55 CD’s \$9.00 50 \$10.00 40 a) Calculate nominal GDP in 2003 and 2004. b)

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This note was uploaded on 02/11/2010 for the course ART AFM101 taught by Professor Mr.lushman during the Spring '10 term at University of Toronto.

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Econ_102_Test_2_Review_Questions_S09 - Econ 102(01): Test 2...

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