Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes. Steel bike frames are used for bike production and meat patties are used for making burgers. 20152020ProductQuantityPriceQuantityPriceSteel frames10$500020$7500Movies30$1050$15Bikes10$1000020$15000Meat patties200$1.50300$2.00Burgers200$2.00300$3.00 What is the nominal GDP in 2020? What was the nominal GDP in 2015? What is the real GDP in 2020 using 2015 prices as base year prices? What is the real GDP growth rate between 2020 and 2015?Explain the three main types of unemployment and outline the policies that can be used to reduce each type of unemployment.

GDP is the sum of total market value of goods and services which is produced domestically during in…

Answered: Refer to the table below for a very…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 14E

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Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes. Steel bike frames are used for bike production and meat patties are used for making burgers.

	2015	2020
Product	Quantity	Price	Quantity	Price
Steel frames	10	$5000	20	$7500
Movies	30	$10	50	$15
Bikes	10	$10000	20	$15000
Meat patties	200	$1.50	300	$2.00
Burgers	200	$2.00	300	$3.00

What is the nominal GDP in 2020? What was the nominal GDP in 2015? What is the real GDP in 2020 using 2015 prices as base year prices? What is the real GDP growth rate between 2020 and 2015?

Explain the three main types of unemployment and outline the policies that can be used to reduce each type of unemployment.

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