Answers to review quizzes marcroeconomics 12e parkin chapter 4

... million 2013 20 14 1,000 tons 500 tons 1,100 tons 525 tons Real GDP in 20 14 is $27,300 The chained-dollar method uses the Prices prices of 2013 and 20 14 to calculate Fish $20 a ton $30 a ton the growth... quantities at 20 14 prices is 1,000 tons of fish × $30 a ton + 500 tons of crab × $8 a ton, which is $ 34, 000 The value of the 20 14 quantities at 20 14 prices is $37,200 Using 20 14 prices, the increase... time to change the inventory to the desired level For example, iinventories increase during recessions When an economy moves into expansion it takes some time to move the inventories down to target