Artica is a nation with a simple economy that produces

Reference no: EM13374903

Artica is a nation with a simple economy that produces onlysix goods: oranges, bicycles, magazines, paper, orange juice,and hats. Assume that half of all the oranges are used to produceorange juice and one-third of all the paper is used to producemagazines.a. Use the production and price information in the table to calculatenominal GDP for 2011.b. Use the production and price information in the table to calculatereal GDP for 2009, 2010, and 2011 using 2009 as thebase year.What is the growth rate of real GDP from 2009 to2010 and from 2010 to 2011?c. Use the production and price information in the table to calculatereal GDP for 2009, 2010, and 2011 using 2010 as thebase year.What is the growth rate of real GDP from 2009 to2010 and from 2010 to 2011?

Reference no: EM13374903

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