Chapter 11, Technical Question 7 in the textbook

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Complete the following:

1. Chapter 11, Technical Question 7 in the textbook.
2. Chapter 11, Application Question 3 in the textbook.
3. Chapter 12, Technical Questions 3 and 5 in the textbook.
4. Chapter 12, Application Question 1 in the textbook.

Your explanation for Application Question 1 should include (1) the component of GDP that is affected by each of these changes and (2) whether the change indicated will raise or lower GDP.

Follow these instructions for completing and submitting your assignment:

1. Place all answers, both numerical and written, in a single excel spreadsheet.
2. Place each problem into a separate tab or sheet in an Excel file.
3. Place labels on spreadsheet inputs and outputs, and use the yellow highlighter on the top menu bar to highlight your final answer.

• If the question incorporates graphs, you must replicate the graph on your spreadsheet file.

7. Adding to Table 11.1, if in 2007 real GDP was

$13,206.4 billion and nominal GDP was $14,028.7

billion, calculate the percentage change from 2006

to 2007 in nominal GDP, real GDP, and the price

level. What is the value of the GDP deflator in

2007?