Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose that South Africa produces only two goods, sanitisers and masks. The base year is 2018 and the table below gives the quantities produced and

Suppose that South Africa produces only two goods, sanitisers and masks. The base year is 2018 and the table below gives the quantities produced and their prices in Rands.

Quantities 2018 2019

Sanitisers 1 000 units 1 200 units

Masks 2 000 units 2 200 units

Prices

Sanitisers R 15/unit R 20/unit

Masks R 5/unit R 10/unitts

Calculate South Africa's nominal GDP in 2018 and 2019.

By how much did nominal GDP increase between 2018 and 2019?

Calculate the real GDP in 2019.

Calculate the GDP deflator in 2019.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Lectures On Urban Economics

Authors: Jan K Brueckner

1st Edition

0262300311, 9780262300315

More Books

Students also viewed these Economics questions