Use the following price and quantity information is this table to answer the following questions. Just...

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Answer 1

Answer #1

Real GDP use the base year prices to compute the final value of goods and services in different years. In this question the prices are fixed at 2005 prices. GDP is the sum of product of price and quantity of different goods.

Real GDP 2010 = 45*250 + 2200*2 + 310*50 = 31150

Real GDP 2011 = 50*250 + 2300*2 + 350*50 = 34600

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Answer 2

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