1) Refer to the output table below. Assume 2014 is the base year. Year Good 1...

Question

Question

1) Refer to the output table below. Assume 2014 is the base year.

Instructions: Round your answer 2 decimal places.

Real GDP in 2014 is $ .

Nominal GDP in 2017 is $ ______

business economics

Answer 1

Answer #1

Ans) real GDP in 2014 = 0.50* 100 + 12*50

= 50 + 600 = 650

Nominal GDP in 2017 = 1*120 + 15*60 = 1020

Answer 2

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