Use the following data for this question. Price of Quantity of Price of Quantity of Year Chickens Chickens Ducks Ducks 2010 $5 100 $8 80 2011 $6 150 $10 100 2012 $6 200 $12 80 Nominal GDP grew from 2010 to 2012. Real GDP also grew, but by less. What portion of the growth of nominal GDP was due to growth of real GDP? (A portion is a fraction or decimal. So if three-quarters of the growth of nominal GDP was due to the growth of real GDP, you'd enter 0.75, not 75)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Use the following data for this question.
Price of
Quantity of
Price of
Quantity of
Year
Chickens
Chickens
Ducks
Ducks
2010
$5
100
$8
80
2011 $6
150
$10
100
2012 $6
200
$12
80
Nominal GDP grew from 2010 to 2012. Real GDP also grew, but by less.
What portion of the growth of nominal GDP was due to growth of real GDP?
(A portion is a fraction or decimal. So if three-quarters of the growth of
nominal GDP was due to the growth of real GDP, you'd enter 0.75, not 75)
Transcribed Image Text:Use the following data for this question. Price of Quantity of Price of Quantity of Year Chickens Chickens Ducks Ducks 2010 $5 100 $8 80 2011 $6 150 $10 100 2012 $6 200 $12 80 Nominal GDP grew from 2010 to 2012. Real GDP also grew, but by less. What portion of the growth of nominal GDP was due to growth of real GDP? (A portion is a fraction or decimal. So if three-quarters of the growth of nominal GDP was due to the growth of real GDP, you'd enter 0.75, not 75)
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