Year Price of T shirts Quantity of T Price od Pajamas Quantity of shirts Pajamas 2015 $10 120 $12 200 2016 12 300 15 200 2017 14 275 18 180 Calculate the Nominal GDP in 2015. b. Calculate the Nominal GDP in 2016. c. Calculate the Real GDP in 2016. d. Calculate the Real GDP in 2017. e. Calculate the growth rate of real GDP between 2016 and 2017. f. Calculate the consumer price index for 2016. T
Year Price of T shirts Quantity of T Price od Pajamas Quantity of shirts Pajamas 2015 $10 120 $12 200 2016 12 300 15 200 2017 14 275 18 180 Calculate the Nominal GDP in 2015. b. Calculate the Nominal GDP in 2016. c. Calculate the Real GDP in 2016. d. Calculate the Real GDP in 2017. e. Calculate the growth rate of real GDP between 2016 and 2017. f. Calculate the consumer price index for 2016. T
Chapter19: Measuring Economic Performance
Section: Chapter Questions
Problem 3P
Related questions
Question

Transcribed Image Text:Year
Price of T shirts
Quantity of T
Price od Pajamas
Quantity of
shirts
Pajamas
2015
$10
120
$12
200
2016
12
300
15
200
2017
14
275
18
180
Calculate the Nominal GDP in 2015.
b. Calculate the Nominal GDP in 2016.
c. Calculate the Real GDP in 2016.
d. Calculate the Real GDP in 2017.
e. Calculate the growth rate of real GDP between 2016 and 2017.
f. Calculate the consumer price index for 2016.
T
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