Question

Consider an economy that only produces 3 goods: A, B, and C. The following table shows the prices and the quantities of the goods in different years. 2020 is the base year. Use the given information to answer questions 10 - 13. Good | 2020 price | 2020 quantity | 2021 price | 2021 quantity | 2022 price | 2022 quantity ---|---|---|---|---|---|--- A | $2.5 | 90 | $3 | 100 | $4 | 120 B | $3.0 | 100 | $3.5 | 110 | $5 | 125 C | $4 | 110 | $4.5 | 125 | $6 | 130 10. What is the price level of 2020? 11. Calculate the nominal GDP of 2022. The nominal GDP of 2022 = $ 12. Calculate the real GDP of 2022. The real GDP of 2022 = $ 13. Calculate the price level of 2022. (Round your answer to the nearest first decimal place. The answers should be greater than 100.)

          Consider an economy that only produces 3 goods: A, B, and C. The following table shows the prices and the quantities of the goods in different years.

2020 is the base year.

Use the given information to answer questions 10 - 13.

Good | 2020 price | 2020 quantity | 2021 price | 2021 quantity | 2022 price | 2022 quantity
---|---|---|---|---|---|---
A | $2.5 | 90 | $3 | 100 | $4 | 120
B | $3.0 | 100 | $3.5 | 110 | $5 | 125
C | $4 | 110 | $4.5 | 125 | $6 | 130

10. What is the price level of 2020?

11. Calculate the nominal GDP of 2022.
The nominal GDP of 2022 = $

12. Calculate the real GDP of 2022.
The real GDP of 2022 = $

13. Calculate the price level of 2022. (Round your answer to the nearest first decimal place. The answers should be greater than 100.)

Consider an economy that only produces 3 goods: A, B, and C. The following table shows the prices and the quantities of the goods in different years.

2020 is the base year.

Use the given information to answer questions 10 - 13.

Good | 2020 price | 2020 quantity | 2021 price | 2021 quantity | 2022 price | 2022 quantity
—|—|—|—|—|—|—
A | 2.5 | 90 |3 | 100 | 4 | 120
B |3.0 | 100 | 3.5 | 110 |5 | 125
C | 4 | 110 |4.5 | 125 | 6 | 130

10. What is the price level of 2020?

11. Calculate the nominal GDP of 2022.
The nominal GDP of 2022 =

12. Calculate the real GDP of 2022.
The real GDP of 2022 = 13. Calculate the price level of 2022. (Round your answer to the nearest first decimal place. The answers should be greater than 100.)

Added by Jay C.

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