-The Table Gives Data on the Production and Prices in Data

question 235

Essay

$\begin{array}{ccccc} & {\text { Data for 2010 }} &&{\text { Data for 2011 }} \\\hline \text { Item } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Hot dogs } & 4 & \$ 1.50 & 6 & \$ 1.75 \\\text { Pepsi } & 2 & \$ 1.00 & 3 & \$ 1.25\end{array}$
-The table gives data on the production and prices in a small economy.Use 2010 as the base period.
a. What does nominal GDP equal in 2010?
b. What does real GDP equal in 2010?
c. What does nominal GDP equal in 2011?
d. Using the chained-price method, what does real GDP equal in 2011?

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Definitions:

Heroic Leader

A leadership archetype characterized by remarkable personal qualities and the ability to achieve significant success amidst challenges.

Convergence

The process or phenomenon where differing groups, ideas, or elements come together to form a new uniformity or agreement.

Traits, Behavior

Characteristics or qualities of an individual that are manifested through their actions and decisions.

Situational Variables

Factors or conditions that can change and impact outcomes within different contexts or environments.