Research Paper Topics on Culture

Find the growth rate of real GDP using year 2 as base.

In year 1 and year 2, an economy produces computers and bread. No intermediate goods. In year 1, 20 computers are produced and sold each for $1000. In year 2, 25 computers were sold at $1500 each. In year 1, 10,000 loaves of bread are sold at a price of $1 each. And in year 2, 12,000 loaves are sold at a price of $1.1 each.(a) Calculate nominal GDP in each year.(b) Find the growth rate of nominal GDP.(c) Calculate real GDP using year 1 as base.(d) Find the growth rate of real GDP using year 1 as base.(e) Find the deflator.(f) Calculate real GDP using year 2 as base.(g) Find the growth rate of real GDP using year 2 as base.


 

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