Question
1.Consider an economy that produces and consumes bread and automobiles. The data is given ass the following. Items 2017(based year) 2018 Quantity Unit price(Br) quantity
1.Consider an economy that produces and consumes bread and automobiles. The data is given ass the following.
Items
2017(based year)
2018
- Quantity
Unit price(Br)
quantity
Unit price
Automobile
200
60,000
300
160,000
Bread
500,000
10
400,000
20
a)Using the year 2017 at the base year, compute the following terms for the year2018;nominal GDP, real GDP, AND deflator
b)By how much percent does nominal GDP change in 2018from 2017?
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Economics For Environmental Studies A Strategic Guide To Micro-And Macroeconomics
Authors: Alfred Endres, Volker Radke
2012th Edition
364231192X, 978-3642311925
