Item Year 1 Year 2 Apples 20,000 @ $0.25 each 30,000 @ $0.30 each Bicycles 700 @ $800 each 700 @ $850 each Apps 10,000 @ $1.00 each 12,000 @ $2.00 each By what percentage did nominal GDP change between Year 1 and Year 2 and compute real GDP in Year 2 by using the prices of Year 1. By what percentage did real GDP change between Year 1 and Year 2?

Item Year 1 Year 2 Apples 20,000 @ $0.25 each 30,000 @ $0.30 each Bicycles 700 @ $800 each 700 @ $850 each Apps 10,000 @ $1.00 each 12,000 @ $2.00 each By what percentage did nominal GDP change between Year 1 and Year 2 and compute real GDP in Year 2 by using the prices of Year 1. By what percentage did real GDP change between Year 1 and Year 2?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

See similar textbooks

Item	Year 1	Year 2
Apples	20,000 @ $0.25 each	30,000 @ $0.30 each
Bicycles	700 @ $800 each	700 @ $850 each
Apps	10,000 @ $1.00 each	12,000 @ $2.00 each

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