Google Answers: ECONOMICS

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Q: ECONOMICS ( No Answer, 0 Comments )

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Subject: ECONOMICS
Category: Business and Money > Economics
Asked by: eco5912-ga
List Price: $20.00

Posted: 07 Aug 2004 19:38 PDT
Expires: 07 Aug 2004 19:40 PDT
Question ID: 384878

Use the following data to answer questions 1-3 (be sure to provide all
calculations).
.	Quantities Produced	Prices
.	CDs	Tennis Racquets	CDs	Tennis Racquets
Year 2004	100	200	20	110
Year 2005	120	210	22	120
1. Calculate real GDP for 2004 and 2005 using 2004 prices. By what
percent did real GDP grow?
2. Calculate the value of the price index for GDP for 2005 using 2004
as the base year. By what percent did prices increase?
3. Now calculate real GDP for 2004 and 2005 using 2005 prices. By what
percent did real GDP grow?

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