Units of Output Price Per Year Unit $2 10 15 18 20 The accompanying table gives...

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Units of Output Price Per Year Unit $2 10 15 18 20 The accompanying table gives price and output data over a five-year period for an economy that produces only one good. If year 2 is the base year, then Real GDP in year 5 is

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Answer 1

Answer #1

Here, the Base year is year 2. The real GDP for the year 5 will be total production in the year 5 at the price of year 2.

In year 5 units of output were 20 and the nominal GDP will be 20 x 6 (current price), but the real GDP with year 2 as the base year will be 20 x 3 (base year price).

The correct answer to this question is $60.

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Answer 2

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