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11 Dec 2019
Consider the following table for the economy of a nation whose residents produce four final goods:
2017
2018
Goods
Price
Quantity
Price
Quantity
Computers
$902.00
9
$851.00
13
Bananas
$6.00
2773
$10.00
1299
Televisions
$97.00
521
$155.00
267
Cookies
$1.00
10771
$2.00
9636
a. Assume 2018 as the base year:
Calculate the nominal GDP for 2017
Calculate the nominal GDP for 2018
b. Assume 2018 as the base year:
Calculate the real GDP for 2017
Calculate the real GDP for 2018
Consider the following table for the economy of a nation whose residents produce four final goods:
2017 |
2018 |
|||
Goods |
Price |
Quantity |
Price |
Quantity |
Computers |
$902.00 |
9 |
$851.00 |
13 |
Bananas |
$6.00 |
2773 |
$10.00 |
1299 |
Televisions |
$97.00 |
521 |
$155.00 |
267 |
Cookies |
$1.00 |
10771 |
$2.00 |
9636 |
a. Assume 2018 as the base year:
Calculate the nominal GDP for 2017
Calculate the nominal GDP for 2018
b. Assume 2018 as the base year:
Calculate the real GDP for 2017
Calculate the real GDP for 2018
Sonia DhawanLv10
12 Nov 2020