Item Year 1 Year 2 Apples 20,000 @ $0.25 each 30,000 @ $0.30 each Bicycles 700 @ $800 each 700 @ $850 each Apps 10,000 @ $1.00 each 12,000 @ $2.00 each By what percentage did nominal GDP change between Year 1 and Year 2 and compute real GDP in Year 2 by using the prices of Year 1. By what percentage did real GDP change between Year 1 and Year 2?
Item Year 1 Year 2 Apples 20,000 @ $0.25 each 30,000 @ $0.30 each Bicycles 700 @ $800 each 700 @ $850 each Apps 10,000 @ $1.00 each 12,000 @ $2.00 each By what percentage did nominal GDP change between Year 1 and Year 2 and compute real GDP in Year 2 by using the prices of Year 1. By what percentage did real GDP change between Year 1 and Year 2?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 4CQQ
Related questions
Question
Item | Year 1 | Year 2 |
---|---|---|
Apples | 20,000 @ $0.25 each | 30,000 @ $0.30 each |
Bicycles | 700 @ $800 each | 700 @ $850 each |
Apps | 10,000 @ $1.00 each | 12,000 @ $2.00 each |
By what percentage did nominal GDP change between Year 1 and Year 2 and compute real GDP in Year 2 by using the prices of Year 1. By what percentage did real GDP change between Year 1 and Year 2?
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