Question
1.Last year Company X sold 100 widgets at $1000 each and this year it sold 104 widgets at $1060 each. Calculate: a)The growth rate of
1.Last year Company X sold 100 widgets at $1000 each and this year it sold 104 widgets at $1060 each. Calculate:
a)The growth rate of prices
b)The growth rate of X's contribution to nominal GDP
c)The growth rate of X's contribution to real GDP.
2.Over a year nominal GDP grew 5.2% and prices rose by 2.3%.Calculate the growth rate of real GDP.
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Principles Of Microeconomics 2e By OpenStax
Authors: OpenStax
2nd Edition
1947172344, 978-1947172340
