The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and ominal GDP for both years. Use 2017 as the base year. Ice cream Blue jeans Laptops 2016 nominal GDP: $ 2016 real GDP: $ Price $7.00 $70.00 $300.00 2016 Quantity 600 20 5 Price $3.00 $20.00 $300.00 2017 Quantity 2017 nominal GDP: $ 2017 real GDP: $ 400 90 5
The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and ominal GDP for both years. Use 2017 as the base year. Ice cream Blue jeans Laptops 2016 nominal GDP: $ 2016 real GDP: $ Price $7.00 $70.00 $300.00 2016 Quantity 600 20 5 Price $3.00 $20.00 $300.00 2017 Quantity 2017 nominal GDP: $ 2017 real GDP: $ 400 90 5
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 7QR
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![The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and
ominal GDP for both years. Use 2017 as the base year.
Ice cream
Blue jeans
Laptops
2016 nominal GDP: $
2016 real GDP: $
Price
$7.00
$70.00
$300.00
2016
Quantity
600
20
5
Price
$3.00
$20.00
$300.00
2017
Quantity
2017 nominal GDP: $
2017 real GDP: $
400
90
5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6db2f3ac-3ca0-4850-ac10-813504312796%2F44b78ee1-112b-48c8-9db3-6177bf7ec5b7%2F0v9u1e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and
ominal GDP for both years. Use 2017 as the base year.
Ice cream
Blue jeans
Laptops
2016 nominal GDP: $
2016 real GDP: $
Price
$7.00
$70.00
$300.00
2016
Quantity
600
20
5
Price
$3.00
$20.00
$300.00
2017
Quantity
2017 nominal GDP: $
2017 real GDP: $
400
90
5
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