Suppose in the year 2025, an economy produces 50 apples and 20 oranges. In 2025 an...
Suppose in the year 2025, an economy produces 50 apples and 20 oranges. In 2025 an apple sells for $1, an orange sells for $2. Suppose in the year 2026, an economy produces 60 apples and 30 oranges. In 2026 an apple sells for $2, an orange sells for $3. Suppose 2025 is the base year for statistical calculations, meaning that $90 would be the value for both nominal and real GDP in 2025. In 2026, nominal GDP is _____, and real GDP is ____.
a. $160, $90.
b. $90, $160
c. $210, $120
d. $120, $210.
Homework Answers
Nominal GDP in year 2026 =
Price of Apple in 2026 * Quantity of Apple in 2026 = 60 * $2 = $120
+
Price of Orange in 2026 * Quantity of Orange in 2026 = 30 * $3 = $90
Thus nominal GDP = $120 + $90 = $210
Real GDP in year 2026 =
Price of Apple in 2025 * Quantity of Apple in 2026 = 60 * $1 = $60
+
Price of Orange in 2025 * Quantity of Orange in 2026 = 30 * $2 = $60
Thus real GDP = $60 + $60 = $120
Thus option C is correct.
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