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Use the following information to answer the questions.
Quantities Produced PricesCDs Tennis Racquets CDs Tennis RacquetsYear 2004 100 200 20 110Year 2005 120 210 22 120
1. Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow?
2. Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
3. Now compute real GDP for 2004 and 2005 using 2005 prices. By what percent did real GDP grow?
4. Review the GDP information for the past few years from the Bureau of Economic Analysis's Website. Provide a brief summary of the GDP trends over that timeframe and discuss two or three events which may have caused these trends
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Suppose the following data about the demand for goods and services. All variables are in billions of dollars. Suppose that potential level of output is $12,000 billion. Use the above data to calculate the size of the output gap?
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