30 Apr Question: 2010 Prices 2010 Quantity 2011 Prices 2011 Quantity 2012 Prices 2012 Quantity Apples $3 5 $3 11…
| 2010 Prices | 2010 Quantity | 2011 Prices | 2011 Quantity | 2012 Prices | 2012 Quantity | |
| Apples | $3 | 5 | $3 | 11 | $3 | 8 |
| Oranges | $2 | 9 | $9 | 3 | $1 | 10 |
| Nominal GDP | ||||||
| Real GDP |
A. Calculate the nominal and the real GDP in each year for the economy. 2010 is your base year.
B. If the real GDP was $150 in 2013 and $182 in 2014, what would the GDP growth rate would be? What would this mean?
C. If the nominal GDP was $250 in 2014 and $290 in 2015 are more goods and services are being produced in 2015 than 2014? Why or why not?
D. If the nominal GDP in 2015 was $290 and the GDP deflator was 131, what would real GDP be?
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