Consider the following economy producing the followingthree goods: Output 2014 Price 2014 Output 2015 Price 2015 Output
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Question:
Consider the following economy producing the followingthree goods:
Output 2014
Price 2014
Output 2015
Price 2015
Output 2016
Price 2016
X
360
1.8
400
2
400
2.5
Y
40
170
50
180
60
190
Z
140
20
160
25
200
30
(a) Calculate the nominal GDP for 2016.
(b) Calculate real GDP for 2014, 2015 and 2016 using 2014 as the base year. What is the growth rate of real GDP from 2014 to 2015 and 2015 to 2016?
(c) Calculate real GDP for 2014, 2015 and 2016 using 2015 as the base year. What is the growth rate of real GDP from 2014 to 2015 and 2015 to 2016?
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