University:
Amherst College
Course:
ECON 330 | Macroeconomics
Academic year:

2022
Views:

340

Pages:

1
Author:

Charlee Buchanan

GDP 2014 (base yr) P Good A Good B Q 2015 P 2016 Q P Q $5 600 $15 350 $20 300 $10 400 $20 450 $30 400 Use the above data to answer the following questions. Note: 2014 is the base year. Calculate Nominal GDP for 2015. $15X350+ $20X450=$14,250 Calculate Nominal GDP for 2016 $20X300+$30X400=$18,000 Calculate Real GDP for 2015. $5X350+$10X450=$6250 Calculate Real GDP for 2016. $5X300+$10X400-$5,500 If the country’s population stayed the same from 2015-2016, did the country’s standard of living increase or fall from 2015 to 2016? Explain? Since Real GDP per person decrease from 2015-2016 average incomes in 2016 would be lower than 2015 and thus standard of living would have fallen.

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