Price per Good Quantity of Price per Good Quantity of Price per Good Quantity of Good Z Year Good X Good Y 2018 S10 10 $5 10 $10 20 2019 $10 14 $5.2 11 $10 21 2020 14 $5.4 12 s10 23 a. Using the provided information, fill in the following table. Year Nominal GDP 2018 2019 2020 b. b. What is the percentage change in nominal GDP from 2018 to 2019? Provide any formulas you use and show your work in calculating this answer. c. What was the percentage change in nominal GDP from 20 19 to 2020? d. Using 2018 as the base year, fill in the following table. Year Real GDP 2018 2019 2020
Price per Good Quantity of Price per Good Quantity of Price per Good Quantity of Good Z Year Good X Good Y 2018 S10 10 $5 10 $10 20 2019 $10 14 $5.2 11 $10 21 2020 14 $5.4 12 s10 23 a. Using the provided information, fill in the following table. Year Nominal GDP 2018 2019 2020 b. b. What is the percentage change in nominal GDP from 2018 to 2019? Provide any formulas you use and show your work in calculating this answer. c. What was the percentage change in nominal GDP from 20 19 to 2020? d. Using 2018 as the base year, fill in the following table. Year Real GDP 2018 2019 2020
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains From Trade
Section: Chapter Questions
Problem 8PA
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Question
Can you solve the Option D please and fill the table in D please also Explain briefly please
![7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table
provides information about the prices and output for these three goods for the years 2018, 2019 and
2020.
Price per Good Quantity of Price per Good Quantity of Price per Good Quantity of
Good Z
Year
Good X
Y
Good Y
2018
$10
10
$5
10
$10
20
2019
$10
14
$5.2
11
$10
21
2020
$1
14
$5.4
12
$10
23
Using the provided information, fill in the following table.
а.
Year
Nominal GDP
2018
2019
2020
b.
b. What is the percentage change in nominal GDP from 2018 to 2019? Provide any formulas you
use and show your work in calculating this answer.
c. What was the percentage change in nominal GDP from 2019 to 2020?
d. Using 2018 as the base year, fill in the following table.
Year
Real GDP
2018
2019
2020](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5bcab100-e0ab-49d6-a724-4e071a76debe%2F223295ce-dae2-463c-8eba-e997cbfd109e%2Fn3kd6co_processed.png&w=3840&q=75)
Transcribed Image Text:7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table
provides information about the prices and output for these three goods for the years 2018, 2019 and
2020.
Price per Good Quantity of Price per Good Quantity of Price per Good Quantity of
Good Z
Year
Good X
Y
Good Y
2018
$10
10
$5
10
$10
20
2019
$10
14
$5.2
11
$10
21
2020
$1
14
$5.4
12
$10
23
Using the provided information, fill in the following table.
а.
Year
Nominal GDP
2018
2019
2020
b.
b. What is the percentage change in nominal GDP from 2018 to 2019? Provide any formulas you
use and show your work in calculating this answer.
c. What was the percentage change in nominal GDP from 2019 to 2020?
d. Using 2018 as the base year, fill in the following table.
Year
Real GDP
2018
2019
2020
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