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The table gives data on the production and prices in a small economy that produces only two goods. Use 2018 as the base period to
The table gives data on the production and prices in a small economy that produces only two goods. Use 2018 as the base period to answer following questions 2018 2019 Item Price ($) Quantity (Billions of Item Price (5) Quantity (Billions of units) units) X1 1.50 4 X1 1.75 4 X2 1.00 4 X2 1.25 6 a. Calculate the economic growth rate of real GDP in 2019? b. Certain African countries have witnessed a considerable increase in their real GDP over the last 20 years, but the per person income of these countries shows no such improvement. How is this possible? c. List the two main purposes why Economists use the real GDP
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