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1, Refer to Table 4. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 Nominal GDP year 1 = Sum (P1 x q1) Nominal GDP Y1
P1 x q1 50 60 110
Prices = p Year 3 Year 2 Year 1 1.2 1 1 1 0.75 0.6
Production = q Year 3 Year 2 Year 1 100 75 50 130 100 100
Good x Good y
2 of 38
P1 x q1 50 60 110
Prices = p Year 3 Year 2 Year 1 1.2 1 1 1 0.75 0.6
Production = q Year 3 Year 2 Year 1 100 75 50 130 100 100
Good x Good y
2 of 38
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