Question: Examples - Real vs Nominal GDP 1980 2017 1980 2017 Prices Prices Quantities Quantities Apples $0.25 $1 1000 1500 Bananas $0.50 $1.5 500 1000 0

Examples - Real vs Nominal GDP 1980 2017 1980 2017 Prices

Examples - Real vs Nominal GDP 1980 2017 1980 2017 Prices Prices Quantities Quantities Apples $0.25 $1 1000 1500 Bananas $0.50 $1.5 500 1000 0 In 1980, the nominal GDP for this country was = In 2017, the nominal GDP was = O To calculate real GDP, the base year prices and current year quantities are used. 1980 Real GDP is still = The real GDP for 2017 is = 0 O

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