Homework Answers
Calculate the nominal GDP in 2019 -
Nominal GDP = [Output of apples * Price of apples] + [Output of bananas * Price of bananas]
Nominal GDP = [7 * $10] + [16 * $15]
Nominal GDP = $70 + $240 = $310
The nominal GDP in 2019 was $310
Calculate the nominal GDP in 2020 -
Nominal GDP = [Output of apples * Price of apples] + [Output of bananas * Price of bananas]
Nominal GDP = [12 * $16] + [7 * $20]
Nominal GDP = $192 + $140 = $332
The nominal GDP in 2020 is $332.
Calculate the growth rate of nominal GDP from 2019 to 2020 -
Growth rate = [(Nominal GDP in 2020 - Nominal GDP in 2019)/Nominal GDP in 2019] * 100
Growth rate = [($332 - $310)/$310] * 100
Growth rate = 7.1%
Thus,
The growth rate of nominal GDP from year 2019 to year 2020 is 7.1%.
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Q1)
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Imagine that Canada produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below: Quantities produced 5 Goods Apples Bananas Carrots Prices ($) 2.00 1.00 10 20 1.50 Instructions: Round your answers to the nearest dollar. a. Canadian GDP is $ b. Suppose a drought hits the province of British Columbia. This drought causes the quantity of apples produced to fall to 2. Assuming that all prices...
1
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Please help. Thank you!!!
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