Suppose the following data describe output in two different

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Suppose the following data describe output in two different years. Item Year 1 Year 2 Apples Bicycles Movie Rentals 20,000 @ 25¢ each 700 @ $800 each 6,000@ $1.00 each 30,000 @ 30¢ each 650 @ $900 each 8,000 @ $1.50 each

(a) Compute nominal GDP in each year.

(b) By what percentage did nominal GDP increase from Year 1 to Year 2?

(d) By what percentage did real GDP change from Year 1 to Year 2?

Reference no: EM13378164

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