that Wakanda is a 3 goods economy. It only produces Bicycles, Wa and Chocolate. Use the production and price information in the table below to calculate Nominal C 2017 and 2018. a. b. Use the production and price information in the table below to calculate Real GDP by using 2017 as base year. C. What is the growth rate of real GDP from 2017 to 2018? Quantity Produced Price per unit Quantity Produced Price per unit in 2017 Wakanda in 2017 in 2018 in 2018 Watches 1100 $100 1200 $105 Boxes of $20 450 $18 500
that Wakanda is a 3 goods economy. It only produces Bicycles, Wa and Chocolate. Use the production and price information in the table below to calculate Nominal C 2017 and 2018. a. b. Use the production and price information in the table below to calculate Real GDP by using 2017 as base year. C. What is the growth rate of real GDP from 2017 to 2018? Quantity Produced Price per unit Quantity Produced Price per unit in 2017 Wakanda in 2017 in 2018 in 2018 Watches 1100 $100 1200 $105 Boxes of $20 450 $18 500
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![that Wakanda is a 3 goods economy. It only produces Bicycles, Watches
and Chocolate.
a.
Use the production and price information in the table below to calculate Nominal GDP in
2017 and 2018.
b.
Use the production and price information in the table below to calculate Real GDP in 2018
by using 2017 as base year.
C.
What is the growth rate of real GDP from 2017 to 2018?
Quantity Produced Price per unit Quantity Produced Price per unit
in 2017
Wakanda
in 2017
in 2018
in 2018
Watches
1100
$100
1200
$105
Boxes of
$20
450
$18
500
Chocolate
250
$320
210
$300
Bicycles](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd2b7f6d-98ae-4625-abc9-9adb601a41dd%2Fcb0bb6c8-e700-45d7-9a0c-53cb408ad644%2F53315fd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:that Wakanda is a 3 goods economy. It only produces Bicycles, Watches
and Chocolate.
a.
Use the production and price information in the table below to calculate Nominal GDP in
2017 and 2018.
b.
Use the production and price information in the table below to calculate Real GDP in 2018
by using 2017 as base year.
C.
What is the growth rate of real GDP from 2017 to 2018?
Quantity Produced Price per unit Quantity Produced Price per unit
in 2017
Wakanda
in 2017
in 2018
in 2018
Watches
1100
$100
1200
$105
Boxes of
$20
450
$18
500
Chocolate
250
$320
210
$300
Bicycles
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