A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Pumpkin Pies Computer Games 110 800 Price Per Unit Production and Prices in Year 2 Product Quantity Pumpkin Pies 137.50 Computer Games 1,200.00 In Year 2, nominal GDP is equal to: $, and real GDP is $(enter both responses rounded to the nearest penny). $1.00 $45.00 Price Per Unit $1.50 $90.00

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
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A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows:
Production and Prices in Year 1 (Base year)
Product
Quantity
Pumpkin Pies
Computer Games
110
800
Price Per Unit
Production and Prices in Year 2
Product
Quantity
Pumpkin Pies
137.50
Computer Games
1,200.00
In Year 2, nominal GDP is equal to: $, and real GDP is $(enter both responses rounded to the nearest penny).
$1.00
$45.00
Price Per Unit
$1.50
$90.00
Transcribed Image Text:A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Pumpkin Pies Computer Games 110 800 Price Per Unit Production and Prices in Year 2 Product Quantity Pumpkin Pies 137.50 Computer Games 1,200.00 In Year 2, nominal GDP is equal to: $, and real GDP is $(enter both responses rounded to the nearest penny). $1.00 $45.00 Price Per Unit $1.50 $90.00
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