Widgets Quantity Price Gizmos Thingamajigs Quantity Price Quantity $450 3 $375 5 $500 5 $400 7 Year Price 2006 $ 600 1 2007 $800 1 13. Calculate the nominal GDP for a. 2006 b. 2007 C. Using 2006 as the base year, calculate the real GDP for 2007.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Widgets
Quantity Price
Gizmos
Thingamajigs
Quantity
Price Quantity
$450
3
$375 5
$500
5
$400 7
Year
Price
2006
$ 600
1
2007
$800
1
13. Calculate the nominal GDP for
a. 2006
b. 2007
C. Using 2006 as the base year, calculate the real GDP for 2007.
Transcribed Image Text:Widgets Quantity Price Gizmos Thingamajigs Quantity Price Quantity $450 3 $375 5 $500 5 $400 7 Year Price 2006 $ 600 1 2007 $800 1 13. Calculate the nominal GDP for a. 2006 b. 2007 C. Using 2006 as the base year, calculate the real GDP for 2007.
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