Question 2 Q.2.1 Consider the information in Table 1 relating to economic activity in Suniland. Use this information to answer Q.2.1.1 to Q.2.1.4. The base year is 2016. Table 1 Quantity Quantity Price Good (2016) Price (2016) (2017) (2017) Potatoes 1 000 R3.00 900 R3.50 Tofu 2 000 R5.00 2 200 R6.00 Tacos 600 R6.00 500 R7.00 Q.2.1.1 Calculate the Nominal GDP for 2016. Show your calculation. Q.2.1.2 Calculate the Nominal GDP for 2017. Show your calculation. Q.2.1.3 Calculate the Real GDP for 2017. Show your calculation.

Question 2 Q.2.1 Consider the information in Table 1 relating to economic activity in Suniland. Use this information to answer Q.2.1.1 to Q.2.1.4. The base year is 2016. Table 1 Quantity Quantity Price Good (2016) Price (2016) (2017) (2017) Potatoes 1 000 R3.00 900 R3.50 Tofu 2 000 R5.00 2 200 R6.00 Tacos 600 R6.00 500 R7.00 Q.2.1.1 Calculate the Nominal GDP for 2016. Show your calculation. Q.2.1.2 Calculate the Nominal GDP for 2017. Show your calculation. Q.2.1.3 Calculate the Real GDP for 2017. Show your calculation.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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