The table provides data on the economy of Maritime Republic that produces only fish and crabs. Quantities
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The table provides data on the economy of Maritime Republic that produces only fish and crabs.
Quantities 2009 2010 Fish 1,000 tons 1,100 tons Crabs 500 tons 525 tons Prices 2009 2010 Fish $20 a ton $30 a ton Crabs $10 a ton $8 a ton
a. Calculate Maritime Republic’s nominal GDP in 2009 and 2010.
b. Calculate Maritime Republic’s chained-dollar real GDP in 2010 expressed in 2009 dollars.
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