2011 (base Year) 2011 2012 2012 2013 2013 P Q P Q P Q Good A $30 900 $31 1000 $36 1050 Good B $100 192 $102 200 $100 205 to calculate Nominal GDP in 2012 and 2013. What is the growth of such nominal GDP from 2011 to 2012, and from 2012 to 2013. Do the same for the real GDP. Which has grown more, nominal GDP or real GDP? What does this imply?
2011 (base Year) 2011 2012 2012 2013 2013 P Q P Q P Q Good A $30 900 $31 1000 $36 1050 Good B $100 192 $102 200 $100 205 to calculate Nominal GDP in 2012 and 2013. What is the growth of such nominal GDP from 2011 to 2012, and from 2012 to 2013. Do the same for the real GDP. Which has grown more, nominal GDP or real GDP? What does this imply?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
|
2011 (base Year) |
2011 |
2012 |
|
2012 | 2013 | 2013 |
|
P |
Q |
P |
|
Q |
P |
Q |
Good A |
$30 |
900 |
$31 |
|
1000 |
$36 |
1050 |
Good B |
$100 |
192 |
$102 |
|
200 |
$100 |
205 |
to calculate Nominal
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