The chart gives prices and output information for the country of New Zealand. Use this information to
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Question:
The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and nominal GDP for both years. Use 2017 as the baseyear.
| 2016 | 2017 | |||
|---|---|---|---|---|
| Price | Quantity | Price | Quantity | |
| Ice cream | $7.00 | 600 | $3.00 | 400 |
| Blue jeans | $70.00 | 20 | $20.00 | 90 |
| Laptops | $300.00 | 5 | $300.00 | 5 |
2016nominal GDP:$2016nominal GDP:$
2017nominal GDP:$2017nominal GDP:$
2016real GDP:$2016real GDP:$
2017real GDP:$
Expert Answer:
Heres how to calculate the real and nominal GDP for New Zealand using the provided data and 2017 as ... View the full answer
Related Book For 
Macroeconomics
ISBN: 978-1319120054
3rd Canadian edition
Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson
Posted Date:
