Desert Kingdom produces only dates and rides to sight see. The base year is 2021, and the

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Desert Kingdom produces only dates and rides to sight see. The base year is 2021, and the tables give the quantities produced and the prices in 2021 and 2022. Calculate Desert Kingdom’s

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a. Nominal GDP and real GDP in 2021 and 2022.

b. Real GDP in 2022 in terms of the base-year prices.

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Macroeconomics

ISBN: 9780137470822

14th Edition

Authors: Michael Parkin

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Question Posted: Apr 05, 2024 11:00 PM

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Desert Kingdom produces only dates and rides to sight see. The base year is 2021, and the

Question:

Quantities Dates 2016 1,000 pounds 1,100 pounds 2017 Rides 50 rides 60 rides Prices Dates $1 per pound $2 per pound Rides $100 per ride $120 per ride

Step by Step Answer:

a In 2021 nominal GDP is 6000 In 2022 nominal GDP is 9400 Nominal GDP in 2021 is equal to total expe...View the full answer

Macroeconomics

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