O. QUESTIONS Table: Lemonade and Cookies Lemonade Cookies 2016 2016 Price 2017 2017 Price Output Output...

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Answer 1

Answer #1

Option (1).

Nominal GDP (NGDP) = $\sum$ (Current year price x Current year quantity)

NGDP, 2016 = 200 x 1 + 100 x 2 = 200 + 200 = 400

NGDP, 2017 = 220 x 1 + 100 x 2.25 = 220 + 225 = 445

Growth rate = (445/400) - 1 = 1.1125 - 1 = 0.1125 = 11.25%

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Answer 2

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