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You Answered orrect Answers orrect Answers 13,552.5 (with margin: 0) 3 / 3 pts Question 11 Assuming that 2016 is the base year, real GDP for 2016 is \$______ 10,975 Correct! Correct! orrect Answers 10,975 (with margin: 0) 3 / 3 pts Question 12 Assuming that 2016 is the base year, real GDP for 2017 is \$_______ 12,250 Correct! Correct! orrect Answers orrect Answers 12,250 (with margin: 0) 0 / 3 pts Question 13 Again assuming that 2016 is the base year, the GDP deflator for 2016 is ________ 1 You Answered You Answered orrect Answers orrect Answers 100 (with margin: 0)
10/21/2019 Homework 02: [19FA] ECON 104, Sec 001: Macroeconomic Analysis (WC, Coll) 9/19 0 / 3 pts Question 14 Again assuming that 2016 is the base year, the GDP deflator for 2017 is _______ 1.1 You Answered orrect Answers 110.63 (with margin: 0) 0 / 3 pts Question 15 The rate of economic growth between the two years as defined by the percent change real GDP is ________%. 11.16 You Answered You Answered orrect Answers 11.62 (with margin: 0) 0 / 3 pts Question 16 The rate of inflation between the two years is _______%. 10 You Answered orrect Answers 10.63 (with margin: 0)
10/21/2019 Homework 02: [19FA] ECON 104, Sec 001: Macroeconomic Analysis (WC, Coll) 10/19 0 / 3 pts Question 17 Let’s consider some data on nominal GDP and GDP price deflator from the Federal Reserve Database: Nominal GDP (billions of dollars) GDP price deflator January 1, 2018 \$20041.047 109.371 Using the data in the table above, real GDP is equal to \$__________. 2191909.35 18323.91 orrect Answer orrect Answer 15680.94 183.24 You Answered None of these are correct 0 / 3 pts Question 18 During the 1973-1975 recession, GDP growth was about -3% and the percent change in prices was about 13%. This combination of GDP growth and percent change in prices is referred to as: None of these are correct deflation stagflation orrect Answer recession
10/21/2019 Homework 02: [19FA] ECON 104, Sec 001: Macroeconomic Analysis (WC, Coll) 11/19 inflation You Answered 0 / 3 pts Question 19 Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? All of these are correct orrect Answer orrect Answer marginally attached workers underemployment discouraged workers You Answered You Answered 0 / 3 pts Question 20 Use the table below to answer questions 20-23 The table below shows the ‘hypothetical’ basket(s) of consumption goods for a 'typical' Penn State college student for 2016 and 2017. 2016 Basket for ‘typical PSU college student’ 2017 Basket for ‘typical PSU college student’ Item Price Quantity Item Price Quantity Textbooks \$100 6 Textbooks \$110 6 Rent \$750 1 Rent \$850 1 PSU sporting events \$15 6 PSU sporting events \$20 3 Dinners in State College \$20 6 Dinners in State College \$20 8
10/21/2019 Homework 02: [19FA] ECON 104, Sec 001: Macroeconomic Analysis (WC, Coll) 12/19 Assume 2016 is the base year. The rate of inflation between 2016 and 2017 is _____%.

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