MGEB11H3 Study Guide - Final Guide: Wildebeest
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19 Jan 2016
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TABLE 1 : In 2013 | ||
Item | Quantity | Price |
Bananas | 100 | $10 a bunch |
Coconuts | 50 | $12 a bag |
TABLE 2: In 2014 | ||
Item | Quantity | Price |
Bananas | 110 | $15 a bunch |
Coconuts | 60 | $10 a bag |
An island economy produces only bananas and coconuts. Table 1 gives the quantity produced and prices in 2013 and Table 2 gives the same information for 2014.
1. Nominal GDP in 2013 is __________.
2. Nominal GDP in 2014 is __________.
3. Real GDP (in terms of 2013 prices) in 2013 is __________.
4. Real GDP (in terms of 2013 prices) in 2014 is __________.
5. The % increase in nominal GDP from 2013 to 2014 is __________.
6. The % increase in real GDP from 2013 to 2014 is ___________.