Suppose an economy produces only three goods and services: T-shirts, music downloads, and meals….

Suppose an economy produces only three goods and services: T-shirts, music downloads, and meals. Use the data in the table below to solve this exercise.
Year
T-Shirts
Music Downloads
Meals
Price
Quantity
Price
Quantity
Price
Quantity
2019
10.00
15
1.50
30
20.00
10
2020
13.00
18
1.95
36
26.00
12
Calculate nominal GDP in 2019 and 2020. (10 points)
Using 2019 as the base year, calculate real GDP in 2019 and 2020. (10 points)
Calculate the growth rates of nominal and real GDP. (10 points)
How much of the growth in nominal GDP can be attributed to growth in output? (10 points)
Price Indexes:
Suppose that our basket of goods and services includes 365 loafs of bread, 250 gallons of fuel oil and 12 months of cable TV. The cost of the basket in the base year was $1,490. Use the data in the table below to solve this exercise.
Product
Quantity
Prices in 2019
Prices in 2020
Bread
365
1.50
1.80
Fuel Oil
250
3.00
3.60
Cable TV
12
25.00
30.00
Calculate the price indexes for the years 2019 and 2020. (20 points)
Calculate the inflation rate in 2020. (10 points)
Unemployment:
Are women more likely to be unemployed than men? The following table provides data on the gender and employment status of the U.S. population, 16 years of age and older, in the labor force as of April 2019. The data is in thousands of people. (Source:
Bureau of Labor Statistics
.)
Attachments:
8490020_1_Assignment1.docx