P Take a Test Carla Hepburn Google Chrome https:// 136670024&centerwin; yes Carl

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P Take a Test Carla Hepburn Google Chrome https:// 136670024&centerwin; yes Carla Hepburn & 7/5/16 5:09 PM ECO 2013 Summer B2016 TR 8am Quiz QUIZ 2 GDP and Unemployment Time Remaining: 01:07:27 Submit Quiz This Question 1 pt This Quiz: 20 pts possible 13 of 20 (7 complete) A simple economy produces two goods, Bread and Technical Manuals. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Price Per Unit $2.00 Bread 110 Technical Manuals $50.00 600 Production and Prices in Year 2 Product Quantity Price Per Unit $3.00 Bread 137.50 Technical Manuals 900.00 $100.00 n Year 2, nominal GDP is equal to: l, and real GDP is nter both responses rounded to the nearest penny). Enter your answer in each of the answer boxes. Screenshot Ac A screenshot

Explanation / Answer

Nominal GDP = summation of Current year prices*current year Quantities

Nominal GDP of Year2 = Summation of year 2 prices*year 2 Quantities

Nominal GDP of Year2 = 3*137.50 + $100*900 = $90412.50

Real GDP = Summation of base yea price*current year quantity

Real GDP = 2*137.50 + 50*900 = $45275

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