Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.50 1500 $10.00 5000 2014 $7.50 1500 $15.00 4000 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $58,250. Use the information in the table to answer the questions.

Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.50 1500 $10.00 5000 2014 $7.50 1500 $15.00 4000 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $58,250. Use the information in the table to answer the questions.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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Hi, I need help with this Macroeconomics question. Thank you.

Consider the table.
Shirts
Pants
Year
Price
Quantity
Price
Quantity
2013 $5.50
1500
$10.00
5000
2014 $7.50
1500
$15.00
4000
The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $58,250. Use the
information in the table to answer the questions.
What is nominal GDP in 2014?
2$
What is real GDP in 2014? Use 2013 as the base year.
2$
Real output from 2013 to 2014 has
experienced inflation.
increased.
stayed the same.
O decreased.

Branch of economics that analyzes the behavior and performance of an economy as a whole. It focuses on the study of aggregates and evaluates changes related to unemployment, gross domestic product, inflation, monetary and fiscal policies of the government.

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