Solutions for 9,10,11,12 **Real vs Nominal GDP****2011**1. **Cars** - Quantity: 50 - Price: $20,000 - Total Value: _______ 2. **Computers** - Quantity: 200 - Price: $3,000 - Total Value: _______3. **What is 2011's nominal GDP?** _______**2012**4. **Cars** - Quantity: 70 - Price: $23,000 - Total Value: _______5. **Computers** - Quantity: 250 - Price: $3,500 - Total Value: _______6. **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?****Instructions:**To see true growth, we need to recalculate nominal GDP into real GDP. To do this, recalculate both GDP for both years using 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?**

The real gross domestic product of an economy is the aggregate value of all final goods and services…

Answered: "6 2011 real GDP (using 2012's prices)…

"6 2011 real GDP (using 2012's prices) 10. 2012 real GDP (using 2012's prices) 11. What is real economic growth for this nation?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Solutions for 9,10,11,12

**Real vs Nominal GDP**

**2011**

1. **Cars**
- Quantity: 50
- Price: $20,000
- Total Value: _______

2. **Computers**
- Quantity: 200
- Price: $3,000
- Total Value: _______

3. **What is 2011's nominal GDP?** _______

**2012**

4. **Cars**
- Quantity: 70
- Price: $23,000
- Total Value: _______

5. **Computers**
- Quantity: 250
- Price: $3,500
- Total Value: _______

6. **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?**

**Instructions:**

To see true growth, we need to recalculate nominal GDP into real GDP. To do this, recalculate both GDP for both years using 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?**

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