The following production data has been obtained for country X below given that the prices of the commodities for the year 2000 were; Potatoes K1 200.00 per ton, Mangoes K3.00 per Kg, Sugar K6.00 per kg, and Copper K600.00 per ton, Beef K22.00 per Kg and for the year 2010 were; Potatoes K3 200.00 per ton, Mangoes K20.00 per Kg, Sugar K32.00 per kg, Copper K1 200.00 per ton, Beef K53.00 per Kg Calculate the nominal and real GDP for 2010. Commodities 2000 Nominal GDP 2010 Nominal GDP 2010 Real GDP Potatoes (Ton) 20Ton 35Ton 35Ton Mangoes (Ton) 35Ton 50Ton 50Ton Sugar (Ton) 40Ton 60Ton 60Ton Copper (Ton) 200Ton 300Ton 300Ton Beef (Ton) 150Ton 200Ton 200Ton Total
The following production data has been obtained for country X below given that the prices of the commodities for the year 2000 were; Potatoes K1 200.00 per ton, Mangoes K3.00 per Kg, Sugar K6.00 per kg, and Copper K600.00 per ton, Beef K22.00 per Kg and for the year 2010 were; Potatoes K3 200.00 per ton, Mangoes K20.00 per Kg, Sugar K32.00 per kg, Copper K1 200.00 per ton, Beef K53.00 per Kg Calculate the nominal and real GDP for 2010. Commodities 2000 Nominal GDP 2010 Nominal GDP 2010 Real GDP Potatoes (Ton) 20Ton 35Ton 35Ton Mangoes (Ton) 35Ton 50Ton 50Ton Sugar (Ton) 40Ton 60Ton 60Ton Copper (Ton) 200Ton 300Ton 300Ton Beef (Ton) 150Ton 200Ton 200Ton Total
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The following production data has been obtained for country X below given that the prices of the commodities for the year 2000 were;
Potatoes K1 200.00 per ton, Mangoes K3.00 per Kg, Sugar K6.00 per kg, and Copper K600.00 per ton, Beef K22.00 per Kg and for the year 2010 were;
Potatoes K3 200.00 per ton, Mangoes K20.00 per Kg, Sugar K32.00 per kg, Copper K1 200.00 per ton, Beef K53.00 per Kg
Calculate the nominal and real
Commodities |
2000 Nominal GDP |
2010 Nominal GDP |
2010 Real GDP |
Potatoes (Ton) |
20Ton |
35Ton |
35Ton |
Mangoes (Ton) |
35Ton |
50Ton |
50Ton |
Sugar (Ton) |
40Ton |
60Ton |
60Ton |
Copper (Ton) |
200Ton |
300Ton |
300Ton |
Beef (Ton) |
150Ton |
200Ton |
200Ton |
Total |
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