2016 2017 2018 PQ 400 1,5 600 1,5 600 P Q P Q 1 2 300 2 5 100 8 onion Tomato 500 2 650 Реррer 1. Assumethat there are only 3 goods produced in the economy. As seen in the table above, price(P) and quantity(Q) of goods are given for each year. Base year is 2017. According to 50 8 70 this, a) Calculate nominal GDP for each year b) Calculate real GDP for each year c) Calculate the growth rate for the years 2017 and 2018.

2016 2017 2018 PQ 400 1,5 600 1,5 600 P Q P Q 1 2 300 2 5 100 8 onion Tomato 500 2 650 Реррer 1. Assumethat there are only 3 goods produced in the economy. As seen in the table above, price(P) and quantity(Q) of goods are given for each year. Base year is 2017. According to 50 8 70 this, a) Calculate nominal GDP for each year b) Calculate real GDP for each year c) Calculate the growth rate for the years 2017 and 2018.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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