Question 1 Suppose an economy consists of only two types of products: laptops and automobiles. Sales and price data for these two products for two different years are shown below: 2015 2021 Quantity sold 2019 Products Quantity sold Price Price Price Quantity sold Laptop Automobiles 200,000 60,000 (RM) 2,000 40,000 500,000 80,000 (RM) 3,000 60,000 450,000 90,000 (RM) 3,500 80,000 Calculate: a) Nominal Gross Domestic Product (GDP) in 2019 and 2021. b) Real Gross Domestic Product (GDP) in 2019 and 2021 using 2015 as base year. c) Based on your answers to questions (a) and (b), which one of them accurately measures the growth of GDP and why?

Question 1 Suppose an economy consists of only two types of products: laptops and automobiles. Sales and price data for these two products for two different years are shown below: 2015 2021 Quantity sold 2019 Products Quantity sold Price Price Price Quantity sold Laptop Automobiles 200,000 60,000 (RM) 2,000 40,000 500,000 80,000 (RM) 3,000 60,000 450,000 90,000 (RM) 3,500 80,000 Calculate: a) Nominal Gross Domestic Product (GDP) in 2019 and 2021. b) Real Gross Domestic Product (GDP) in 2019 and 2021 using 2015 as base year. c) Based on your answers to questions (a) and (b), which one of them accurately measures the growth of GDP and why?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 3E: Metropolitan Hospital has estimated its average monthly bed needs as N=1,000+9X where...

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