Differences between nominal GDP and real GDP.

1. This will consist of measuring the change in production through the 3 years of information provided. Suppose that the economy of this country only has 2 products and you want to measure its GDP.

a. Calculate for the 3 years the nominal GDP and the real GDP, consider that the prices of year 1 are going to be taken as the prices that will remain constant when calculating the real GDP. Present your results in a table.

b. Calculate real GDP for the data by selecting prices from a year other than the first to perform the calculations.

c. Determine the direction of change of the results and calculate the rate of change from one period to another in terms of real GDP.

2. The objective of this part is to know if the economy of PR has undergone a change in the standard of living per person.

a. Tabulate the data of the real PB per person for the years 2010 to 2019

b. Plot a line or bar graph that reflects the observed change

c. Tabulate real GDP data per person for the years 2010 to 2019

d. Plot a line or bar graph that reflects the observed change

Table translates into the following:

Products, Price 1, Quantity 1, Price 2, Quantity 2 and Price 3, Quantity 3

Productos Precio 1 Cantidad1 Precio 2 Cantidad 2 Precio 3 Cantidad 3 X 20 50 25 40 15 60 Y 30 70 30 60 25 80