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(Answered)-1. The economy of Googleland is producing the following three


1. The economy of Googleland is producing the following three goods:

Output 2000

Output 2001

Price 2000

Price 2001

Pens

12

10

$2.00

$1.00

Pencils

20

24

$1.00

$2.00

Binders

4

6

$10.00

$10.00

(a) Calculate the nominal GDP for 2000.

(b) Calculate real GDP for 2001 using 2000 as the base year.

(c) Calculate the percentage increase in Real GDP from 2000 to 2001 using 2000 as the base year.

(d) Calculate Real GDP in 2000 using 2001 as the base year.

(e) Calculate the percentage increase in Real GDP from 2000 to 2001 using 2001 as the base year.

 


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DATE ANSWERED

Oct 07, 2020

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