1. The country of Toyville produces only two types of toys: wooden trains and dolls. The table below contents the prices and quantities that have been produced in the last three years. Year 2018 2019 2020 Price of Trains $10 $12 $14 Quantity of Trains 120 200 180 Price of Dolls $12 $15 $18 Quantity of Dolls a. Calculate the nominal GDP for the three years. b. Using 2018 as the base year, calculate the real GDP for the three years. 200 300 275

1. The country of Toyville produces only two types of toys: wooden trains and dolls. The table below contents the prices and quantities that have been produced in the last three years. Year 2018 2019 2020 Price of Trains $10 $12 $14 Quantity of Trains 120 200 180 Price of Dolls $12 $15 $18 Quantity of Dolls a. Calculate the nominal GDP for the three years. b. Using 2018 as the base year, calculate the real GDP for the three years. 200 300 275

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 7QR

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