Table 19-13 -Refer to Table 19-13.Consider the Following Data for a Simple

question 53

Essay

Table 19-13

-Refer to Table 19-13.Consider the following data for a simple economy: Calculate nominal GDP and real GDP for 2011,using 2009 as the base year.Show your work.

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Definitions:

William Penn

William Penn was an English Quaker leader and advocate of religious freedom who founded the Province of Pennsylvania, the British North American colony that became the U.S. state of Pennsylvania.

Delaware Indians

A Native American tribe, also known as the Lenape, originally from the Delaware River area, who played significant roles in early American history.

Philadelphia

A city in Pennsylvania, significant for its historical role in the founding of the United States.

Dominion of New England

A short-lived administrative union of English colonies in the New England region of North America from 1686 to 1689, imposed by the British government to tighten control.