An island economy produces only bananas and coconuts. The table gives the quantities produced and prices in 2018Jon Heipand 2019.If the base year is 2019, compare the growth rates of nominal GDP and real GDP.In 2018>>> Answer to 1 decimal place.ItemQuantityPriceBananas99 bunches$10 a bunchThe growth rate of nominal GDP in 2019 ispercent.Coconuts54 bags$11 a bagIn 2019ItemQuantityPriceBananas111 bunches$9 a bunchCoconuts65 bags$8 a bag?Enter your answer in the answer box and then click Check Answer.Check AnswerClear All1 partremainingDIIDDF11F12000000F10F980F7F8F6F5F4escF2F3F1!@23$94567123{[PRтYUQWE%3DtabK00

Nominal GDP of 2018 = Current year quantity × Current year price=99 × 10 + 54 × 11=990 +…

An island economy produces only bananas and coconuts. The table gives the quantities produced and prices in 2018 and 2019. In 2018 Item Quantity Price If the base year is 2019, compare the growth rates of nominal GDP and real GDP. $10 a bunch Bananas 99 bunches >>> Answer to 1 decimal place. Coconuts 54 bags $11 a bag The growth rate of nominal GDP in 2019 is percent. In 2019 Item Quantity Price $9 a bunch $8 a bag Bananas 111 bunches Coconuts 65 bags

An island economy produces only bananas and coconuts. The table gives the quantities produced and prices in 2018 and 2019. In 2018 Item Quantity Price If the base year is 2019, compare the growth rates of nominal GDP and real GDP. $10 a bunch Bananas 99 bunches >>> Answer to 1 decimal place. Coconuts 54 bags $11 a bag The growth rate of nominal GDP in 2019 is percent. In 2019 Item Quantity Price $9 a bunch $8 a bag Bananas 111 bunches Coconuts 65 bags

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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K An island economy produces only bananas and coconuts. The table gives the quantities produced and prices in 2018 and 2019. If the base year is 2019, compare the growth rates of nominal GDP and real GDP. >>> Answer to 1 decimal place. The growth rate of nominal GDP in 2019 is 26.4 percent. The growth rate of real GDP in 2019 using the chained-dollar method is percent. In 2018 Item Bananas Coconuts In 2019 Item Bananas Coconuts Quantity 95 bunches 60 bags Quantity 112 bunches 68 bags Price $7 a bunch $12 a bag Price $12 a bunch $6 a bag
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