## (Solved) 3. Question 6.18 Artica is a nation with a simple economy that

3. Question 6.18

Artica is a nation with a simple economy that produces only six goods: oranges, bicycles, magazines, paper,

orange juice, and hats. Assume that half of all the oranges are used to produce orange juice and one-third of

all the paper is used to produce magazines.

a) Use the production and price information in the table to calculate nominal GDP for 2011. BG 2400/ECO 2202 (1/2015)                                                                                       Discussion Week 4

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b) Use the production and price information in the table to calculate real GDP for 2009, 2010, and

2011 using 2009 as the base year. What is the growth rate of real GDP from 2009 to 2010 and from

2010 to 2011?

c) Use the production and price information in the table to calculate real GDP fro 2009, 2010 and

2011 using 2010 as the base year. What is the growth rate of real GDP from 2009 to 2010 and from

2010 to 2011?

2009 2010 2011

Product Quantity Price (\$) Quantity Price (\$) Quantity Price (\$)

Oranges 180 0.90 200 1.00 200 1.25

Bicycles 20 85.00 25 90.00 30 95.00

Magazines 175 3.50 150 3.50 150 3.25

Paper 675 0.60 600 0.50 630 0.50

Orange juice 40 3.50 50 4.00 60 4.50

Hats 70 10.00 80 12.50 100 15.00

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This question was answered on: Oct 15, 2019

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