Question 1.
Using Table 1, fill in the blanks of Table 2. Show your work.
Table 1.
Year 2018 Year 2019
Good Quantity (Q) Price (P) Quantity (Q) Price (P)
Apple 2,000 $20 2,500 $25
Wheat 1,000 $10 3,000 $10
Car 20 $20,000 20 $15,000
Table 2.
Year Nominal GDP RGDP; Base Year=2018 RGDP; Base Year=2019
2018
2019
ECON3301- Fall 2021 SMU – SSB
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Question 2.
Using the previous question, fill in the blanks of Table 3. Show your work.
Table 3.
2019 RGDP Growth, Base Year=2018
2019 RGDP Growth, Base Year=2019
2019 RGDP Growth, Chain-weighted