c) The production and prices of Sandals and Shoes in Sole Land in 2020 and 2021 are as follows: Quantity of Price of Quantity of Price of Sandals Sandals Shoes Shoes 2020 20,000 $20 10,000 $150 2021 25,000 $25 15,000 $160 Taking 2020 as the base year, calculate the: i) Nominal GDP in 2021 ii) Real GDP in 2020 and 2021 iii) Real GDP Growth Rate in 2021 iv) Nominal GDP per Capita in 2021 if the population is 375.

c) The production and prices of Sandals and Shoes in Sole Land in 2020 and 2021 are as follows: Quantity of Price of Quantity of Price of Sandals Sandals Shoes Shoes 2020 20,000 $20 10,000 $150 2021 25,000 $25 15,000 $160 Taking 2020 as the base year, calculate the: i) Nominal GDP in 2021 ii) Real GDP in 2020 and 2021 iii) Real GDP Growth Rate in 2021 iv) Nominal GDP per Capita in 2021 if the population is 375.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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