Ask Question
13 December, 02:05

Consider the following data for Tyrovia, a country that produces only two products: guns and butter. Year Guns Produced Price of Guns Butter Produced Price of Butter 2009 80 $5 40 $4 2018 90 6 60 10 Real GDP for Tyrovia for 2018 using 2009 as the base year equals

+4
Answers (1)
  1. 13 December, 04:35
    0
    Real GDP for Tyrovia for 2018 using 2009 base prices = (90 x $5) + (60 x $4) = $450 + $240 = $690

    Nominal GDP for Tyrovia for 2018 = (90 x $6) + (60 x $10) = $540 + $600 = $1,140

    2018 CPI for Tyrovia = [ ($6/$5) + ($10/$4) ] / 2 = (1.2 + 2.5) / 2 = 3.7 / 2 = 1.85 x 100 = 185
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Consider the following data for Tyrovia, a country that produces only two products: guns and butter. Year Guns Produced Price of Guns ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers