Consider the following table for the economy of a nation whose residents produce five final goods. Assuming
Question:
Assuming a 2011 base year:
a. What is nominal GDP for 2011 and 2015?
b. What is real GDP for 2011 and 2015?
Transcribed Image Text:
2011 2015 Good Price Quantity Price Quantity Shampoo $2 15$4 20 External hard drives Books Milk Cancly 200 10 250 10 4 40 3 50 4 10 40 2 20
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