Consider the following data on Prices and Quantities of T-Shirts and Pajamas 4. What wasthe growth rate ofNominalGDP between 2016and 2017

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Consider the following data on Prices and Quantities of T-Shirts and Pajamas

4. What wasthe growth rate ofNominalGDP between 2016and 2017?

5. Was the growth rate of real GDP higher or lower that the growth rate of nominal
GDP?Explain

 

Year
2015
2016
2017
Price of
T-Shirts
$10
12
14
Quantity of T-
Shirts
120
300
275
Price of
Pajamas
$12
15
18
Quantity of
Pajamas
200
200
180
Transcribed Image Text:Year 2015 2016 2017 Price of T-Shirts $10 12 14 Quantity of T- Shirts 120 300 275 Price of Pajamas $12 15 18 Quantity of Pajamas 200 200 180
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