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Use following data to answer following questions. A country produces only bananas and coconuts. The base year is 2013. Quantities Bananas Coconuts 2013 800 bunches

Use following data to answer following questions.

A country produces only bananas and coconuts. The base year is 2013.

Quantities

Bananas

Coconuts

2013

800 bunches

400 bunches

2014

900 bunches

500 bunches

Prices

Bananas

Coconuts

2013

$4 a bunch

$5 a bunch

2014

$2 a bunch

$10 a bunch

i. Calculate the nominal GDP in 2013 and 2014.

ii. Calculate real GDP in 2013 and 2014.

iii. Calculate chained-dollar real GDP in 2014 expressed in 2013 dollar.

iv. Calculate growth rate of real GDP from year 2013 to 2014.

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