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Year Guns Produced Price of Guns Butter Produced Price of Butter 2005 80 $5 40 $4 2013 90 $6 60 $10 2. Consider the

Year

Guns Produced

Price of Guns

Butter Produced

Price of Butter

2005

80

$5

40

$4

2013

90

$6

60

$10

 

2. Consider the data above for Tyrovia, a country that produces only two products: guns and butter. Calculate Real GDP for Tyrovia for 2013 using 2005 as the base year. Also calculate nominal GDP for Tyrovia in 2013.

 

 

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