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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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