Question
An economy produces three products, bags, computers and shirts. The prices and quantities of these products in 2020 and 2021 are shown in the table
An economy produces three products, bags, computers and shirts. The prices and quantities of these products in 2020 and 2021 are shown in the table below
| 2020 | 2021 | |||
| Price | Quantity | Price | Quantity | |
| Bags | $10 | 300 | $12 | 330 |
| Computers | $600 | 100 | $650 | 110 |
| Shirts | $18 | 2000 | $20 | 2200 |
Measure the nominal and real GDP for 2020 and 2021 using 2020 as the base year. Measure the nominal and real GDP growth rate in 2021. Which value is more accurate in measuring the growth rate of the economy? Explain.
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What Environmentalists Need To Know About Economics
Authors: Jason Scorse
1st Edition
0230107311, 9780230107311
