Question: The data in the table below show the total output (a mixture of consumer, capital, and government services) and prices of each product for the
The data in the table below show the total output (a mixture of consumer, capital, and government services) and prices of each product for the distant country of Vindaloo. All figures are in billions of dollars and the base year is 2018. a. Complete the table below. Enter your responses rounded to one decimal place when needed.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 2018 | 2019 | 2020 | |||||||||||
| Item | Qty | Prices Year 2018 | Nominal GDP | Qty | Prices Year 2019 | Nominal GDP | Prices Year 2018 | Real GDP | Qty | Prices Year 2020 | Nominal GDP | Prices Year 2018 | Real GDP |
| Hot dogs | 46 | $1.70 | $78.2 | 51 | $2.00 | $ | $1.70 | $ | 54 | $2.10 | $ | $1.70 | $ |
| DVDs | 7 | 10.00 | 70 | 9 | 11.00 | 10.00 | 11 | 11.50 | 10.00 | ||||
| Farm tractors | 3 | 100.00 | 300 | 4 | 95.00 | 100.00 | 4 | 110.00 | 100.00 | ||||
| Parking meters | 5 | 47.00 | 235 | 5 | 57.00 | 47.00 | 6 | 67.00 | 47.00 | ||||
| Totals | 683.2 | ||||||||||||
b. The value of nominal GDP in 2019 is $ and in 2020 is $ . Enter your responses rounded to one decimal place when needed. c. The value of real GDP in 2019 is $ and in 2020 is $ . Enter your responses rounded to one decimal place when needed.
d. The annual growth rate of nominal GDP in 2019 is % and in 2020 is %. Enter your responses rounded to one decimal place when needed. e. The annual growth rate of real GDP in 2019 is % and in 2020 is %. Enter your responses rounded to one decimal place when needed.
Suppose that the population of Vindaloo is as follows in the table.
| 2018 | 2019 | 2020 |
| 22 million | 23 million | 24 million |
f. The real GDP per capita in 2018 is $ , in 2019 is $ , and in 2020 is $ . Round your answers below to the nearest dollar. g. The growth rate of real GDP per capita in 2019 is % and in 2020 is %. Enter your responses rounded to one decimal place when needed.
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