The fictional small country of Qbert has had a robust GDP the last few years. Dansbert produces just two products; Water Bottles and Bikes. The following chart shows product quantities and prices from 2016 to 2018. With 2016 as the base year calculate the real GDP using 2018 prices. What is the real yearly growth of 2017 & 2018? Water Bottles Bikes Quantity Price/unit Quantity Price/unit Year 2016 (base year) 1 million $3 2 million $10 Year 2017 2.5 million $4 2.5 million $12 Year 2018 3 million $5 2.75 million $17 O 23.1% for 2017: 69.2% for 2018 O 73.9% for 2017: 168.5% for 2018 O 41.3% for 2017: 58.7% for 2018

The fictional small country of Qbert has had a robust GDP the last few years. Dansbert produces just two products; Water Bottles and Bikes. The following chart shows product quantities and prices from 2016 to 2018. With 2016 as the base year calculate the real GDP using 2018 prices. What is the real yearly growth of 2017 & 2018? Water Bottles Bikes Quantity Price/unit Quantity Price/unit Year 2016 (base year) 1 million $3 2 million $10 Year 2017 2.5 million $4 2.5 million $12 Year 2018 3 million $5 2.75 million $17 O 23.1% for 2017: 69.2% for 2018 O 73.9% for 2017: 168.5% for 2018 O 41.3% for 2017: 58.7% for 2018

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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