ques - 2. What is the value of real GDP in 2003 3. What is...

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The following table contains information about an economy that produces only pens and books. The base year is 2002. Use this information to answer the questions that follow. Price of Quantity of Price of Quantity of Year Pens Pens Books Books 2002 $3 100 $10 50 2003 3 120 12 70 2004 4 120 14 70 1. What is the value of nominal GDP for 2003
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Unformatted text preview: 2. What is the value of real GDP in 2003 3. What is the value of GDP deflator in 2003 4. What is the percentage increase in prices from 2002 to 2003 5. What is the approximate percentage increase in prices from 2003 to 2004 6. What is the percentage increase in real GDP from 2003 to 2004...
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This note was uploaded on 01/19/2012 for the course ECON 2100 taught by Professor Goodwin during the Fall '07 term at Kennesaw.

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