Question
Real - Vs. - Nominal GDP Economy X produces 2 goods, bread, and butter. In 2020 Economy X produced 250,000 units of bread at $0.90
Real - Vs. - Nominal GDP
Economy X produces 2 goods, bread, and butter.
In 2020 Economy X produced 250,000 units of bread at $0.90 each, and 200,000 units of butter at $2.50 each.
In 2021 Economy X produced 230,000 units of bread at $1.20 each, and 180,000 units of butter at $2.90 each.
a. Calculate Nominal GDP in 2020 and in 2021, then calculate Real GDP in 2020, and 2021, using 2020 as the base year.
Bread: Nominal value 2020: $________________________
Butter: Nominal value 2020: $________________________
Nominal GDP 2020: $ __________________________________
Bread: Nominal value 2021: $________________________
Butter: Nominal value 2021: $________________________
Nominal GDP 2021: $ ____________________________________
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Bread: Real value 2020: $________________________
Butter: Real value 2020: $________________________
Real GDP 2020: $ ____________________________________
Bread: Real value 2021: $________________________
Butter: Real value 2021: $________________________
Real GDP 2021: $ ____________________________________
b. Calculate both the nominal GDP growth rate, and real GDP growth rates between 2020 and 2021.
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Economics For Environmental Studies A Strategic Guide To Micro-And Macroeconomics
Authors: Alfred Endres, Volker Radke
2012th Edition
364231192X, 978-3642311925
