Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year....

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Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year. YEAR Quantity Price per

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Answer 1

Answer #1

Assume base year is 2010 and base price is 10.

Price Index = (Price of year_n / Price of base year) * 100

Nominal GDP = Price of year_n * Quantity of year_n

Real GDP = Price of base year* Quantity of year_n

Year	Quantity	Price per unit	Index	Nominal GDP	Real GDP
2010	100	10	-	1000	1000
2011	120	20	200	2400	1200
2012	125	25	125	3125	1250
2013	130	30	120	3900	1300
2014	140	40	133	5600	1400
2015	150	50	125	7500	1500
2016	200	55	110	11000	2000
2017	205	60	109	12300	2050

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Answer 2

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Use the following table for a hypothetical single-product economy. Assume that 2010 is the base year....

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