question archive Consider Country A whose economy produces only three items: Tomatoes, Potatoes, and Avocados
Consider Country A whose economy produces only three items: Tomatoes, Potatoes, and Avocados
Subject:BusinessPrice: Bought3
Consider Country A whose economy produces only three items: Tomatoes, Potatoes, and Avocados. The base year is arbitrarily chosen as 2010, see Table 1. Table 1 Table 1 Good Quantity (2010) Price (2010) Quantity (2011) Price (2011) Tomatoes 1.000 $1.00 1.200 $1.50 Potatoes 2,000 $3.00 1.800 $4.00 Avocados 600 $5.00 500 $6.00 2. Find nominal GDP and real GDP in the base year (2010) * NGDP= $10,000, RGDP= $10,000. O NGDP= $11,000, RGDP= $11,000 , No enough data to compute RGDP and NGDP. NGDP= $12,000, RGDP= $12,000,
