
2013 Output 
2013 Prices 
2014 Output 
2014 Prices 
Lemonade 
200 glasses 
$1 per glass 
220 glasses 
$1 per glass 
Cookies 
100 cookies 
$2 per cookie 
100 cookies 
$2.25 per cookie 
29. 
(Table: Lemonade and Cookies) The table Lemonade and Cookies shows the output levels and prices for lemonade and cookies. Assume that an economy produces only two goods, lemonade and cookies. Assuming that 2014 was the base year, the growth rate of real GDP from 2013 to 2014 was: 


A) 
11.25%. 

B) 
–5%. 

C) 
20%. 

D) 
4.7%. 
29.
Real GDP:
2013 real GDP can be calculated as follows:
2014 Real GDP:
2014 real GDP can be calculated as follows:
Growth rate of Real GDP:
Growth rate of Real GDP ca...
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