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Part III. Calculation A country produces three products: books, bread, and beans. Their output and prices in 1998 and 1999 are shown in the following
Part III. Calculation A country produces three products: books, bread, and beans. Their output and prices in 1998 and 1999 are shown in the following table. 1998 1999 Quantity Price Quantity Price Book 100 10 110 10 Bread 200 200 1.5 Bean 500 0.5 450 (1) Calculate nominal GDP in 1998 (2) Calculate nominal GDP in 1999 (3) Take 1998 as the base year, what was the real GDP in 1998 and 1999? (4) Take 1999 as the base year, what was the real GDP in 1998 and 1999? (5) "The change of GDP depends on which year is the base year ". Is it correct
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