The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020. Instructions: Enter your responses as whole numbers. Year Pucks Root beer Sandals Quantity Price Quantity Price Quantity Price 2017 100 $7 300 $20 100 $20 2020 125 $7 250 $20 110 $25 Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2017 $ $ 2020 $ $
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The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020.
Instructions: Enter your responses as whole numbers.
Year | Pucks | Root beer | Sandals | |||
---|---|---|---|---|---|---|
Quantity | Quantity | Price | Quantity | Price | ||
2017 | 100 | $7 | 300 | $20 | 100 | $20 |
2020 | 125 | $7 | 250 | $20 | 110 | $25 |
Assume that 2017 is the base year. Find nominal
Year | Nominal GDP | Real GDP |
---|---|---|
2017 | $ | $ |
2020 | $ | $ |
Introduction
Gross Domestic Product (GDP) is a measure of a country’s national economic output. It measures the total value of goods and services in the economy, regardless of who produced them. Nominal GDP refers to the value of goods and services at their current prices. Real GDP, on the other hand, adjusts for inflation, providing a more accurate measure of the economy's output. Real GDP is often used to compare economic growth and development between countries over time.
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