Artica is a nation with a simple economy that produces only six goods

Artica is a nation with a simple economy that produces only six goods: oranges, bicycles, magazines, paper, orange juice, and hats. Assume that half of all the oranges are used to produce orange juice and one-third of all the paper is used to produce magazines.

a. Use the production and price information in the table to calculate nominal GDP for 2011.

b. Use the production and price information in the table to calculate real GDP for 2009, 2010, and 2011 using 2009 as the base year. What is the growth rate of real GDP from 2009 to 2010 and from 2010 to 2011?

c. Use the production and price information in the table to calculate real GDP for 2009, 2010, and 2011 using 2010 as the base year. What is the growth rate of real GDP from 2009 to 2010 and from 2010 to 2011?

 

 

2009

2010

2011

PRODUCT

QUANTITY

PRICE

QUANTITY

PRICE

QUANTITY

PRICE

Oranges

180

$ 0.90

200

$ 1.00

200

$ 1.25

Bicycles

20

85.00

25

90.00

30

95.00

Magazines

175

3.50

150

3.50

150

3.25

Paper

675

0.60

600

0.50

630

0.50

Orange

           

juice

40

3.50

50

4.00

60

4.50

Hats

70

10.00

80

12.50

100

15.00

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more