Reference no: EM131985624
Suppose there are five goods in the economy, A-E. The year one quantity of each is 10A, 20B, 30C, 40D, and 50E. Year one prices are $1 for each unit of A, $2 for each unit of B, $3 for each unit of C, $4 for each unit of D, and $5 for each unit of E. The year two quantity of each is 9A, 18B, 27C, 36D, and 45E. Year two prices are $2 for each unit of A, $3 for each unit of B, $4 for each unit of C, $5 for each unit of D, and $6 for each unit of E.
Year number one is the Base-year.
Nominal GDP in year one equals _________ and in year two equals_________.
Real GDP in year one equals ____________ and in year two equals_________.
(Make sure you show your calculation and round up to the nearest hundredth)
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