Table 2-1 Good Rulers Pens Pencils Quantity (2020) Price (2020) 1 000 R3.00 2 000 R5.00 600 R6.00 500 Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation. Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation. Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation. Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show your calculations. Quantity (2021) 900 2 200 Price (2021) R3.50 R6.00 R7.00
Table 2-1 Good Rulers Pens Pencils Quantity (2020) Price (2020) 1 000 R3.00 2 000 R5.00 600 R6.00 500 Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation. Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation. Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation. Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show your calculations. Quantity (2021) 900 2 200 Price (2021) R3.50 R6.00 R7.00
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 31P: Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa...
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![Question 2
Q.2.1 Consider the information in Table 2-1 relating to economic activity in
Abanaman Republic. Use this information to answer Q.2.1.1 to Q.2.1.4.
The base year is 2020.
Good
Rulers
Pens
Quantity
(2020)
1 000
2 000
Pencils
Price (2020)
R3.00
R5.00
R6.00
500
Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation.
Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation.
Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation.
Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show
your calculations.
Table 2-1
600
Quantity
(2021)
900
Price
(2021)
R3.50
R6.00
R7.00
2 200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65c9ed5d-65ab-4e28-8cff-c1f398afb631%2F65e9114d-6597-4168-9224-8f2c22561c01%2Fb0p05u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 2
Q.2.1 Consider the information in Table 2-1 relating to economic activity in
Abanaman Republic. Use this information to answer Q.2.1.1 to Q.2.1.4.
The base year is 2020.
Good
Rulers
Pens
Quantity
(2020)
1 000
2 000
Pencils
Price (2020)
R3.00
R5.00
R6.00
500
Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation.
Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation.
Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation.
Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show
your calculations.
Table 2-1
600
Quantity
(2021)
900
Price
(2021)
R3.50
R6.00
R7.00
2 200
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