Table 2-1 Good Rulers Pens Pencils Quantity (2020) Price (2020) 1 000 R3.00 2 000 R5.00 600 R6.00 500 Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation. Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation. Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation. Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show your calculations. Quantity (2021) 900 2 200 Price (2021) R3.50 R6.00 R7.00

Table 2-1 Good Rulers Pens Pencils Quantity (2020) Price (2020) 1 000 R3.00 2 000 R5.00 600 R6.00 500 Q.2.1.1 Calculate the Nominal GDP for 2020. Show your calculation. Q.2.1.2 Calculate the Nominal GDP for 2021. Show your calculation. Q.2.1.3 Calculate the Real GDP for 2021. Show your calculation. Q.2.1.4 Did Abanaman Republic experience economic growth in 2021? Show your calculations. Quantity (2021) 900 2 200 Price (2021) R3.50 R6.00 R7.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Problems and applications Q9