ECON 201 ()
Question1-
Suppose that Saudi Arabia produces the goods: Books, Pizza and
Bags. The following table provides information about the prices and output for these
Three goods for the years 2012, 2013 and 2014.
|
Year |
Price per Book |
Quantity of Books |
Price per Pizza |
Quantity of Pizza |
Price of Bag |
Quantity of Bags |
|
2012 |
$100 |
10 |
$50 |
100 |
$10 |
200 |
|
2013 |
$100 |
12 |
$52 |
108 |
$10 |
205 |
|
2014 |
$110 |
12 |
$54 |
115 |
$10 |
212 |
(A). Using above information, calculate nominal GDP for 2012, 2013 &2014.
(B) Calculate real GDP of 2012, 2013 &2014 using 2012 as a base year.
(C). Measure GDP deflator on a 100-point scale with 2012 as the base year
Question2
The U.S. real GDP per person grew rapidly in the early 1960s. The table above has U.S. real GDP and population for 1961 and 1962.
a. What was U.S. real GDP per person in 1961?
b. What was U.S. real GDP per person in 1962?
c. Between 1961 and 1962, how rapidly did U.S. real GDP per person grow?
Guidelines:-
|
Assignments/Marks |
Date of issue |
Due date of submission from the students |
|
2nd Assignment (5 Marks) |
End of 7th week (Thursday 2/11/2017) |
End of 9th week (Thursday 16/11/2017) |
You are required to follow these instructions as per the mentioned below:
1. You must finish these assignments as per the due date, after due date no assignments will be graded.
2. All instructors are now using plagiarism software so any issue found will be liable for strict action
3. NO copying will be entertained for the grades and those
found guilty will be given ’0’ mark