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Refer to thetable below for a very simple economy producing three goods: movies, pizzas and cars. Steel panels are needed for car production, cheese is
Refer to thetable below for a very simple economy producing three goods: movies, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and CGI service is used for movie production.
2016 | 2021 | |||
Product | Quantity | Price | Quantity | Price |
Steel panels | 40 | $5000 | 50 | $7500 |
Movies | 40 | $12 | 50 | $15 |
Cars | 400 | $10000 | 600 | $15000 |
Cheese | 2000 | $1.50 | 4000 | $2.00 |
Pizzas | 2000 | $8.00 | 4000 | $11.00 |
CGI service | 40 | $2000 | 50 | $3000 |
What is the nominal GDP for the economy in 2021? What was the nominal GDP in 2016? What is the real GDP in 2021 using 2016 prices as base year prices? What is the real GDP growth rate between 2016 and 2021?
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