Fill This Form To Receive Instant Help
Homework answers / question archive / Given the following information determine both real and nominal for an economy with three sectors (pizza, books, and apples) for each year from the base year2012 to 2016
Given the following information determine both real and nominal for an economy with three sectors (pizza, books, and apples) for each year from the base year2012 to 2016. In the base year, the price of pizzas was $8 and increased every year thereafter by 50 cents. The price of books stayed at $7 each for the first two years before rising to $9 the following two years and rising to $10 in the final year. Apples experienced significant price swings due to varying weather conditions. In the base year apples were priced at $2 per pound. The following year the price doubled and stayed at that level for all of 2013 and 2014. In 2015 however, apples fell to $1 per pound then returned to the base price in 2016. Given this information complete the chart on the following page: (5 points)
Year Quantity Pizza Quantity Books Quantity Apples Nominal Real Real GDP
GDP GDP Growth rate
2012 100 50 400 N/A
2013 120 60 450
2014 120 60 450
2015 110 30 400
2016 150 40 500