30 points QUESTION Consider an economy that produces only cars and shoes. The qu

Question

30 points QUESTION Consider an economy that produces only cars and shoes. The quantities and pricee of each gcod producad in 1995 are gien in the folloaing table. Good Cars 5 Shoes 200s50 Quantity Price e given The cuant ties ard prices ef each good in 1986 are given in the table below. Good Quantity Price Cars 4 Shoes 300 $40 good in dollars. A. Naminal GOP in 1995 i5 60000 4 dallars and that in 199 is 62000 theusand colars. thousand dallare and rea GOP in 1996 is 5 3. Usng 1995 as the base year, real GDP in 1995 is e0

Explanation / Answer

nominal GDP in 1995=5*10000+200*50=60000

nominal GDP in 1996=4*12500+300*40=62000

real GDP in 1995=5*10000+200*50=60000 or 60 thousand dollars

real GDP in 1996=4*10000+300*50=55000 or 55 thousand dollars

the above is answer..

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