5. (LO 4) The economy of Turista produces only two products, protein bars and snowboards. In 2013...
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5. (LO 4) The economy of Turista produces only two products, protein bars and snowboards. In 2013 it produced 20 million protein bars and 100 000 snowboards. In 2014,
production of protein bars rose to 24 million, and snowboards to 105 000. The price of protein bars rose from $2.50 to $2.80 over this period, while the price of snowboards rose from $280 to $300.
a) Complete Table 3.10.
b) What are the values of nominal GDP for Turista in 2013, and its nominal and real GDP in 2014?
2013 Nominal GDP: 2014 nominal GDP: 2014 real GDP:
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