Year 2019 Year 2020 Items Q2019 P2019 Q2020 P2020 Burgers Guitars 100 5 120 4 50 100 40 120 Using the table above, write your answers filling in the blanks only. Assume that base vear is 2020. a) Nominal GDP in 2019 is: _1000 b) Real GDP in 2019 is: 1000 c) Nominal GDP in 2020:_5280 d) Real GDP in 2020: e) Using traditional approach, economic growth (in perocentages (%) ) from 2019 to 2020 is: f) Using chain-weighted method, economic growth (in percentages (%) ) from 2019 to 2020 is:

Year 2019 Year 2020 Items Q2019 P2019 Q2020 P2020 Burgers Guitars 100 5 120 4 50 100 40 120 Using the table above, write your answers filling in the blanks only. Assume that base vear is 2020. a) Nominal GDP in 2019 is: _1000 b) Real GDP in 2019 is: 1000 c) Nominal GDP in 2020:_5280 d) Real GDP in 2020: e) Using traditional approach, economic growth (in perocentages (%) ) from 2019 to 2020 is: f) Using chain-weighted method, economic growth (in percentages (%) ) from 2019 to 2020 is:

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 5PA

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