What is the nominal GDP of year 3? What is the Real GDP of year 3:...
- What is the nominal GDP of year 3? What is the Real GDP of year 3:
|
Year |
Units of Output |
Price of Bagel per Unit |
Price Index (year 1=100) |
|
1 |
10 |
$5 |
100 |
|
2 |
15 |
10 |
200 |
|
3 |
20 |
15 |
300 |
|
4 |
25 |
20 |
400 |
Homework Answers
Nominal GDP in year t = price of bagel in year t x quantity in year t
Nominal GDP in year 3 = price of bagel in year 3 x quantity in year 3 = 15 x 20 = 300
Real GDP in year t = price of bagel in base year x quantity in year t = 5 x 20 = 100
(Base year is the year where price index is 100. Hence base year is year 1).
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What is the nominal GDP of year 3? What is the Real GDP of year
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