What was the value of real GDP in 2016? The economy of La-la-Land produces only movies and popcorn. Quantities and prices of these goods are the last several years afe shown below. The base year is 2014. Year Price of Movies Price of Popcorn $5 $4 Quantity of Movies Quantity of Popcorn $10 $11 $12 2013 400 800 2014 500 900 $5 $6 2015 600 1000 2016 $12 600 900 A. $10,600 B. $12,200 OC. $ 9,100 D. $10,200

What was the value of real GDP in 2016? The economy of La-la-Land produces only movies and popcorn. Quantities and prices of these goods are the last several years afe shown below. The base year is 2014. Year Price of Movies Price of Popcorn $5 $4 Quantity of Movies Quantity of Popcorn $10 $11 $12 2013 400 800 2014 500 900 $5 $6 2015 600 1000 2016 $12 600 900 A. $10,600 B. $12,200 OC. $ 9,100 D. $10,200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q9
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Using the table below, Pear Phone Year Price (S) Quantity Price (S) Quantity 2015 3 210 450 54 2016 4 200 500 50 14. Compute nominal GDP in each year. 15. By what percentage did the nominal GDP change between 2015 and 2016? 16. Compute real GDP each year by using "2015" as the base year. 17. By what percentage did real GDP change between 2015 and 2016? 18. By using the table and your answers to #15, and #17, explain (in one or two paragraphs) why "real GDP" is better than "nominal GDP" in measuring the production activity of an eçonomy. LA
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