base year is 2020. GOOD QUANTITY (2020) PRICE (2020) QUANTITY (2021) PRICE (2021) RULER 1000 R3.00 900 R3.50 PENS 2000 R5.00 2200 R6.00 PENCILS 600 R6.00 500 R7.00 1-Calculate the Nominal GDP for 2020. Show your calculation. 2-Calculate the Nominal GDP for 2021. Show your calculation. 3-Calculate the Real GDP for 2021. Show your calculation. 4-Did Abanaman Republic experience economic growth in 2021? Show your calculations. (
base year is 2020. GOOD QUANTITY (2020) PRICE (2020) QUANTITY (2021) PRICE (2021) RULER 1000 R3.00 900 R3.50 PENS 2000 R5.00 2200 R6.00 PENCILS 600 R6.00 500 R7.00 1-Calculate the Nominal GDP for 2020. Show your calculation. 2-Calculate the Nominal GDP for 2021. Show your calculation. 3-Calculate the Real GDP for 2021. Show your calculation. 4-Did Abanaman Republic experience economic growth in 2021? Show your calculations. (
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 2QP
Related questions
Question
The base year is 2020.
GOOD | QUANTITY (2020) | PRICE (2020) | QUANTITY (2021) | PRICE (2021) |
RULER | 1000 | R3.00 | 900 | R3.50 |
PENS | 2000 | R5.00 | 2200 | R6.00 |
PENCILS | 600 | R6.00 | 500 | R7.00 |
1-Calculate the Nominal
2-Calculate the Nominal GDP for 2021. Show your calculation.
3-Calculate the Real GDP for 2021. Show your calculation.
4-Did Abanaman Republic experience
your calculations.
(
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