Question
A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year. Year Price of Ice
A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year.
Year
Price of Ice Cream
Quantity of Ice Cream
Price of Cake
Quantity of Cake
2011
$2.00
200
$10
40
2012
$2.30
250
$14
50
2013
$2.75
280
$18
80
Refer to Table 23-12. Calculate real and nominal GDP for the year 2012. Show your work. (2 points)
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Business Statistics for Contemporary Decision Making
Authors: Ken Black
6th Edition
978-0470910184
