Question: In Year 2, nominal GDP is equal to $__ and real GPD is $__. A simple eoonomy produces two goods, Pumpkin Pies and Video Games.

In Year 2, nominal GDP is equal to $__ and real GPD is $__.

In Year 2, nominal GDP is equal to $__ and real GPD

A simple eoonomy produces two goods, Pumpkin Pies and Video Games. Price and quantity data are as follows: Production and Prices in Year 1 {Base year) Product Quantity Price Per Unit Pumpkin Pies 100 $2.00 Video Games 700 $45.00 Production and Prices in Year 2 Product Quantity Price Per Unit Pumpkin Pies 125.00 $3.00 Video Games 1,050.00 $90.00 In Year 2. nominal GDP is equal to: 15D. and real GDP is $D (enter both responses rounded to the nearest penny)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!