Suppose the information in the following table is for a simple economy that produces only four goods

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Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that all the cotton is used in the production of shirts.

2009 2016 2017 Quantity Price Quantity Price Quantity Price Product Shoes Hamburgers 90 $50.00 75 2.00 100 $60.00 2.00 1

a. Use the information in the table to calculate real GDP for 2016 and 2017, assuming that the base year is 2009.
b. What is the growth rate of real GDP during 2017?

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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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