Question
The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and nominal GDP for both years.
The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and nominal GDP for both years. Use 2017 as the baseyear.
2016 | 2017 | |||
---|---|---|---|---|
Price | Quantity | Price | Quantity | |
Ice cream | $7.00 | 600 | $3.00 | 400 |
Blue jeans | $70.00 | 20 | $20.00 | 90 |
Laptops | $300.00 | 5 | $300.00 | 5 |
2016nominal GDP:$2016nominal GDP:$
2017nominal GDP:$2017nominal GDP:$
2016real GDP:$2016real GDP:$
2017real GDP:$
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Macroeconomics
Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson
3rd Canadian edition
1319120083, 1319120085, 1319190111, 9781319190118, 978-1319120054
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