Question
In 2020, the total output was 19.45 million baskets of food, with a price of $1,700 per basket. In 2021, the total output was 20.35
In 2020, the total output was 19.45 million baskets of food, with a price of $1,700 per basket.
In 2021, the total output was 20.35 million baskets of food, with a price of $1,750 per basket.
Use 2020 as the base year.
a)What were the amounts of nominal GDP in 2020 and in 2021? What was the total growth from 2020 to 2021?
b)What were the amounts of real GDP in 2020 and 2021? What was the total growth from 2020 to 2021?
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Macroeconomics
Authors: Paul Krugman, Robin Wells
4th Edition
1464110379, 9781464110375
