The economy of Googleland
Question Description 1. The economy of Googleland is producing the following three goods: Output 2014 Price 2014 Output 2015 Price 2015 Output 2016 Price 2016 X 360 1.8 400 2 400 2.5 Y 40 170 50 180 60 190 Z 140 20 160 25 200 30 (a) Calculate the nominal GDP for 2016. (b) Calculate real GDP for 2014, 2015 and 2016 using 2014 as the base year. What is the growth rate of real...