Good Rulers Pens Pencils (2020) Price (2020) (2021) 1000 R3.00 900 2000 R5.00 2 200 600 R6.00 500 Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation. Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation. Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation. Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show your calculations. (2021) R3.50 R6.00 R7.00
Good Rulers Pens Pencils (2020) Price (2020) (2021) 1000 R3.00 900 2000 R5.00 2 200 600 R6.00 500 Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation. Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation. Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation. Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show your calculations. (2021) R3.50 R6.00 R7.00
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 15RQ: What is the difference between a series of economic data over time measured in nominal terms versus...
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![Q.2.1 Consider the information in Table 2-1 relating to economic activity in
Abanaman Republic. Use this information to answer Q.2.1.1 to Q.2.1.4.
The base year is 2020.
Table 2-1
Good
Rulers
Pens
Pencils
Quantity
Quantity
(2020)
Price (2020)
(2021)
1000
R3.00
900
2000
R5.00
2 200
600
R6,00
500
Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation.
Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation.
Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation.
Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show
your calculations.
Price
(2021)
R3.50
R6.00
R7.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F90b8b3ae-0a06-47a5-9aa9-8d92f777aefd%2F05eaab59-a42e-48bf-9e9f-821042c49b90%2Fv3jr57l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Q.2.1 Consider the information in Table 2-1 relating to economic activity in
Abanaman Republic. Use this information to answer Q.2.1.1 to Q.2.1.4.
The base year is 2020.
Table 2-1
Good
Rulers
Pens
Pencils
Quantity
Quantity
(2020)
Price (2020)
(2021)
1000
R3.00
900
2000
R5.00
2 200
600
R6,00
500
Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation.
Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation.
Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation.
Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show
your calculations.
Price
(2021)
R3.50
R6.00
R7.00
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