macroeconomics - GDP An economy produces only fun and food. The table given above shows theprices and the quantities of fun and food produced in 2019 and 2020. The baseyear is 2019. Use the information given below to answer questions 4 to 5.GDP data for 2019ItemQuantityPriceFun40$2$3Food60GDP data for 2020ItemQuantityPriceFun35$3$2Food657Q5. a. Calculate the real GDP in 2020 if 2019 is considered as the base year.b. Compared to 2019, has the country experienced economic growth in 2020?

Real GDP in 2020 , when 2019 is the base year: Real GDP 2020 = Price (2019) * quantity (2020)…

Answered: GDP data for 2019 Item Quantity Price…

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GDP data for 2019 Item Quantity Price Fun 40 $2 Food 60 $3

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 3P

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