Question

2016 Quantities Apples Oranges 2015 60 80 160 220 Prices Apples Oranges 2015 $0.50 $0.25 2016 $1.00 $2.00 4. Refer to figure above. Eland is an economy that produces only apples and oranges. The base your is 2015, and the table gives the quantities produced and the prices. Calculate nominal GDP in 2015 and 2016 5. Calculate Eland real GDP in 2015 and 2016 expressed in base-year prices. Item Wages Consumption expenditure Other factor incomes Investment Government expenditure Net exports Billions of dollars 9,008 12,498 4,567 3,037 3,254 -507 6. The table above lists some macroeconomic data for the United States in 2016. Calculate U.S. GDP in 2016 and explain the approach (expenditure or income) used to calculate GDP. Show your work, attach additional pages if necessary.

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Answer 1

4) NGDP in 2015 = 60*0.50+80*0.25 = 30+20 = 50

NGDP in 2016 = 160*1+220*2 = 600

5) RGDP in 2015 = 50

RGDP in 2016 = 160*0.5 + 220*0.25 = 80+55 = 135