Use the attached table to calculate the following:Nominal GDP in 2008 and 2011Use real GDP in 2011, using 2008 as base yearUse your answer in 2 to determine the percentage change in GDP between 2008 and 2011 GoodQ inPrice in Q in 2011 Price in 201120082008Motorcars 1000Televisions 6000R55002300R7000R13508200R3300Cups7600R508800R120Computers 1500R6702500R810

Nominal. GDP = Price * Quantity Nominal GDP in 2008 = 1000*5500+6000*1350+7600*50+1500*670 =…

Use the attached table to calculate the following: Nominal GDP in 2008 and 2011 Use real GDP in 2011, using 2008 as base year Use your answer in 2 to determine the percentage change in GDP between 2008 and 2011

Use the attached table to calculate the following: Nominal GDP in 2008 and 2011 Use real GDP in 2011, using 2008 as base year Use your answer in 2 to determine the percentage change in GDP between 2008 and 2011

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Use the attached table to calculate the following:

Nominal GDP in 2008 and 2011

Use real GDP in 2011, using 2008 as base year

Use your answer in 2 to determine the percentage change in GDP between 2008 and 2011

Good
Q in
Price in Q in 2011 Price in 2011
2008
2008
Motorcars 1000
Televisions 6000
R5500
2300
R7000
R1350
8200
R3300
Cups
7600
R50
8800
R120
Computers 1500
R670
2500
R810

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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