Output and Prices for 1995 and 1996 of Product Quantity produced in 1995 Price in 1995 Quantity produced in 1996 Price in 1996 Good J 89 $9.75 96 $9.5 Good K 86 $8.5 79 $9 Given the information in the table above for an economy that produces only Good J and Good K, answer the questions that follow. Do not enter dollar signs or commas in your answers. 1. What was the value of nominal GDP in the year 1995? $ 2. What was the value of nominal GDP in the year 1996? $ 3. What was the value of real GDP in the year 1995 if 1996 is the base year? $ 4. What was the value of real GDP in the year 1996 if 1995 is the base year? $

Output and Prices for 1995 and 1996 of Product Quantity produced in 1995 Price in 1995 Quantity produced in 1996 Price in 1996 Good J 89 $9.75 96 $9.5 Good K 86 $8.5 79 $9 Given the information in the table above for an economy that produces only Good J and Good K, answer the questions that follow. Do not enter dollar signs or commas in your answers. 1. What was the value of nominal GDP in the year 1995? $ 2. What was the value of nominal GDP in the year 1996? $ 3. What was the value of real GDP in the year 1995 if 1996 is the base year? $ 4. What was the value of real GDP in the year 1996 if 1995 is the base year? $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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