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Questions: Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 3 bars and the price is $4 per bar. In year 2, the quantity produced is 4 bars and the price is $5 per bar. In year 3, the quantity produced is 5 bars and the price is $6 per bar. Year 1 is the base year.
a. What is nominal GDP for each of these three years?
b. What is real GDP for each of these years?
c. What is the GDP deflator for each of these years?
d. What is the percentage growth rate of real GDP from year 2 to year 3?
e. What is the inflation rate as measured by the GDP deflator from year 2 to year 3?
f. In this one-good economy, how might you have answered parts (d) and (e) without first answering parts (b) and (c)?
What is the equilibrium price level and the equilibrium level of real output in this hypothetical economy? Use Excel to graph both the aggregate demand and aggregate supply curves. Can there be equilibrium level of output at below full employment?
Other economists think that there are significant costs associated with inflation above 2-3%. What are they? What are the other costs be to consider if the inflation rate unexpectedly turns out to be higher than 7%
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