Three of the main products produced in Grossmania’s manufacturing sector are leather, laces and dyes. The table below shows the outputs (Millions/units) and prices ($) for the years 2018 and 2019. LEATHER DYES LACES YEAR PRICE($) QUANTITY PRICE ($) QUANTITY PRICE$ QUANTITY 2018 100 3 10 8 5 4 2019 110 5 12 10 4 5 Calculate the Nominal GDP for: 2018 and 2019 . Using 2018 as the base year, calculate the Real GDP for 2019
Three of the main products produced in Grossmania’s manufacturing sector are leather, laces and dyes. The table below shows the outputs (Millions/units) and prices ($) for the years 2018 and 2019. LEATHER DYES LACES YEAR PRICE($) QUANTITY PRICE ($) QUANTITY PRICE$ QUANTITY 2018 100 3 10 8 5 4 2019 110 5 12 10 4 5 Calculate the Nominal GDP for: 2018 and 2019 . Using 2018 as the base year, calculate the Real GDP for 2019
Chapter15: Gross Domestic Product
Section: Chapter Questions
Problem 12SQP
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- Three of the main products produced in Grossmania’s manufacturing sector are leather, laces and dyes. The table below shows the outputs (Millions/units) and prices ($) for the years 2018 and 2019.
|
LEATHER |
DYES |
LACES |
|||
YEAR |
PRICE($) |
QUANTITY |
PRICE ($) |
QUANTITY |
PRICE$ |
QUANTITY |
2018 |
100 |
3 |
10 |
8 |
5 |
4 |
2019 |
110 |
5 |
12 |
10 |
4 |
5 |
- Calculate the Nominal
GDP for: 2018 and 2019 . Using 2018 as the base year, calculate the Real GDP for 2019
NB:
- Time periods are in weeks
- You may work in the network but please show the results in a table.
NB:
- Time periods are in weeks
- You may work in the network but please show the results in a table.
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