The year 2015 Base Year Price Index = (120) Base Year Output = (4 million) The year 2016 Current Year Price Index = (140) Current Year Output = (5 million) 1.Calculate the following: Nominal G.D.P. in 2016 Real G.D.P. in 2016
The year 2015 Base Year Price Index = (120) Base Year Output = (4 million) The year 2016 Current Year Price Index = (140) Current Year Output = (5 million) 1.Calculate the following: Nominal G.D.P. in 2016 Real G.D.P. in 2016
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
|
The year 2015 |
Base Year |
Base Year Output = (4 million) |
|
The year 2016 |
Current Year Price Index = (140) |
Current Year Output = (5 million) |
1.Calculate the following:
- Nominal
G.D.P. in 2016 - Real G.D.P. in 2016
2. Calculate MPS for the following data:
Y1=2000 S1=300
Y2=4000 S2=800
3.Calculate MPC for the following data:
Y1=2500 C1=1500
Y2=5000 C2=2500
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