Refer to the table below for a very simple economy producing three goods: movies, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and CGI service is used for movie production.   What is the nominal GDP for the economy in 2021? What was the nominal GDP in 2016? What is the real GDP in 2021 using 2016 prices as base year prices? What is the real GDP growth rate between 2016 and 2021?

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Refer to the table below for a very simple economy producing three goods: movies, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and CGI service is used for movie production.

 

What is the nominal GDP for the economy in 2021? What was the nominal GDP in 2016? What is the real GDP in 2021 using 2016 prices as base year prices? What is the real GDP growth rate between 2016 and 2021?

Product
Steel panels
Movies
Cars
Cheese
Pizzas
CGI service
Quantity
40
40
400
2000
2000
40
2016
Price
$5000
$12
$10000
$1.50
$8.00
$2000
Quantity
50
50
600
4000
4000
50
2021
Price
$7500
$15
$15000
$2.00
$11.00
$3000
Transcribed Image Text:Product Steel panels Movies Cars Cheese Pizzas CGI service Quantity 40 40 400 2000 2000 40 2016 Price $5000 $12 $10000 $1.50 $8.00 $2000 Quantity 50 50 600 4000 4000 50 2021 Price $7500 $15 $15000 $2.00 $11.00 $3000
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