2011QuantityPriceTotal Value1.Cars50$20,0002.Computers200$3,0003.What is 2011's nominal GDP?2012QuantityPriceTotal Value4.Cars70$23,0005.Computers250$3,5006.What is 2012's nominal GDP?7.Calculate the rate of growth of nominal GDP.8.Is this rate an accurate reflection of economic growth?Why or why not?To see true growth, we need to recalculate nominal GDP intoreal GDP. To do this, recalculate both GDP for both yearsusing 2012 as your base year,9.2011 real GDP (using 2012's prices)10.2012 real GDP (using 2012's prices)11.What is real economic growth for this nation?12.What do you notice about real and nominal GDP in the base year?の

The nominal GDP of an economy can be calculated as the aggregate of the value of all final goods and…

Answered: 3. What is 2011's nominal GDP? 2012…

3. What is 2011's nominal GDP? 2012 Quantity Price Total Value 4. Cars 70 $23,000 5. Computers 250 $3,500 6. What is 2012's nominal GDP? 7. Calculate the rate of growth of nominal GDP.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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