Consider the folowing table lor the economy of a nation whove residents produce

Question

Consider the folowing table lor the economy of a nation whove residents produce Sour inal goods Do Homework 2017 2018 Take a Quiz/Test Price 5600 2,503 $102.00450 $1.00 10.479 10 00 $153.00 $2 1,096 Televisions 9308 a. Assume 2018 as the base yea Cakculste nominal GDP for 2017 s 80 416 Calculate nominal GOP for 2018 $ 91.787 b. Assuma 2018 as the base year Calculate real GDP for 2017 Calculate real GOP for 2018 () More Enter your answer in the edlt teids and then cick Check Answer All parts showing O Type here to search

Explanation / Answer

2017 2018 Nominal Nominal Real GDP Real GDP Good Price Quantity Price Quantity GDP 2017 GDp 2018 2017 2018 Computer 1002 9 870 14 9018 12180 7830 12180 Bananas 6 2503 10 1096 15018 10960 25030 10960 Television 102 450 153 327 45900 50031 68850 50031 Cookies 1 10479 2 9308 10479 18616 20958 18616 80415 91787 122668 91787 Req a: Nominal GDp 2017: 80415 Nominal GDp 2018: 91787 Req b: Real GDP 2017: 122668 Real GDP 2018: 91787

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