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Calculate south africa nominal gdp in 2018 and 2019

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Reference no: EM132655663

Suppose that South Africa produces only two goods, sanitisers and masks. The base year is 2018 and the table below gives the quantities produced and their prices in Rands.

Quantities 2018 2019

Sanitizers 1000 units 1200 units

Masks 2000 units 2200 units

Prices

Sanitizers R15/unit R20/unit

Masks R5/unit R10/ unit

1)Calculate South Africa's nominal GDP in 2018 and 2019.

2)By how much did nominal GDP increase between 2018 and 2019? (Your answer should be in percentages - rounded to two decimal places)

3)Calculate the real GDP in 2019.

4)Calculate the GDP deflator in 2019.

Reference no: EM132655663

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