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xGraded H e c www. macmillanhighered.com/launchpad/krug nar vellsmodules macro3/3546137/Home#/launchpad/item/module krug Done Graded 2010 Output 2010 Prices Produect 2011 Output 2011 Prices Peannut Butter 200 nits $1 per unit Peant Butter 250 100 $1.10 per mit 2.50 per unit 100 units Reference: Ref 12-1 -(Table: Peanut Butter and Jelly Economy) Between 2010 and 2011 in the Table: Peanut Butter and Jelly Economy, nominal GDP: O increased by 12.5 percent. O decreased by 12.5 percent. O increased by 16.67 percent. O increased by 31.25 percent. 8. Table: Lemonade and Cookies 2013 Out 00 glasses 00 cookies put 2013 Prices 014 Output 2014 Prices 52 per cookie 100 cookies s2.25 per cookle 2.25 per cookie (Table: Lemonade and Cookies) The Table: Lemonade and Cookies shows the output levels and prices for lemonade and cookies. Assuming that the economy only produces lemonade and cookies, nominal GDP in 2014 was: O $400. O $420 O $445. O $820. . Table: Per Capita GDP opulation ominal GDP 3000 2011Explanation / Answer
17. Nominal GDP (2010) = (200*1)+(100*2) = 400
Nominal GDP (2011) = (250*1.1)+(100*2.5) = 525
Change = [(525-400)/400]*100 = 31.25% (increase)
18. Nominal GDP (2014) = (220*1) + (100*2.25) = 445
20. Nominal GDP (4) = 6*6 = 36
Nominal GDP (5) = 7*9 = 63
Change = [(63-36)/36]*100 = 75% (increase)
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