Question
Suppose Country A producestennis balls, basketballs, and soccer balls. The following table provides data on the prices and quantities of the three goods in 2017
Suppose Country A producestennis balls, basketballs, and soccer balls. The following table provides data on the prices and quantities of the three goods in 2017 and 2019.
Year | Tennis ball | Basketball | Soccer ball | |||
|---|---|---|---|---|---|---|
Quantity | Price | Quantity | Price | Quantity | Price | |
| 2017 | 100 | $5 | 300 | $20 | 75 | $20 |
| 2019 | 125 | $9 | 325 | $20 | 110 | $25 |
Assume that 2017 is the base year. Find nominal GDP and real GDP for both years.(Enter your responses as whole numbers. )
Year | Nominal GDP | Real GDP |
|---|---|---|
| 2017 | $ | $ |
| 2019 | $ | $ |
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Statistics The Art And Science Of Learning From Data
Authors: Alan Agresti, Christine A. Franklin
3rd Edition
9780321755940
