Question
Question 4 (11 marks) Use the data in the table below to complete the tasks for this question. Data for 2020 (Base Year) Data for
Question 4 (11 marks)
Use the data in the table below to complete the tasks for this question.
Data for 2020 (Base Year) | Data for 2021 | |||
Quantity | Price | Quantity | Price | |
Rice | 950 | 3.50 | 880 | 4.00 |
Apples | 500 | 2.10 | 500 | 2.80 |
Computers | 2000 | 750 | 3000 | 750 |
Bus | 250 | 36,000 | 240 | 38,000 |
- Calculate Nominal GDP for 2020 and 2021. Show your working. 2 marks
- Calculate Real GDP for 2020 and 2021. Show your working. 2 marks
- Calculate the GDP Deflator 2021. Show your working. 2 marks
- State and explain 2 limitations of GDP as a measure of economic wellbeing. 5 marks
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Math For Business And Finance An Algebraic Approach
Authors: Jeffrey Slater, Sharon Wittry
1st Edition
0077639626, 9780077639624
