Q. Assume the subsequent data describe o/p in two different yrs
a. Compute nominal GDP in every yr.
b. by illustrate what percent (%)age did nominal GDP increase between yr1 also yr 2?
c. now Compute real GDP in yr 2 by using the prices of yr 1.
d. how has real GDP changed from yr 1to yr 2?
Item yr 1 yr2
Apples 20,000@25?every 30,000@30?every
Bicycles 700@$800every 650@ $900every
Video rentals 6,000@$1.50every 7,000@$2.00every