Question
The following table gives current prices (N$) and quantities produced over ten years for the Namibian economy which produces only food, meat, fish and milk
The following table gives current prices (N$) and quantities produced over ten years
for the Namibian economy which produces only food, meat, fish and milk respectively.
Year Food Quantity Meat Quantity Fish Quantity Milk Quantity2009 7.80 10.00 2.00 30.00 4.50 40.00 5.60 50.002010 8.80 11.00 5.00 34.00 5.60 46.00 5.00 51.002011 9.10 11.45 5.60 40.00 5.45 49.00 6.00 54.002012 10.00 12.00 5.78 34.00 7.89 50.00 7.45 60.002013 5.00 14.00 6.70 32.00 8.10 60.00 8.90 70.002014 11.00 5.00 7.00 30.00 9.34 61.00 10.99 10.002015 12.00 20.00 7.89 40.00 9.89 24.00 11.00 30.002016 13.54 21.00 10.00 41.00 10.45 30.00 11.45 40.002017 13.90 23.00 10.78 45.00 11.34 12.00 10.56 41.002018 13.89 24.00 11.56 50.00 12.00 30.00 8.90 45.00(a) Calculate nominal GDP for all the years. (5 marks)
(b) Calculate real GDP for all the years, using 2012 as the base year. (5 marks)
(c) Calculate GDP deflator for all the years. (5 marks)
(d) Calculate real GDP growth for all the years. (5 marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started