Business, 23.03.2020 19:32 azaz1819

Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produce rum and one-half of all the peanuts are used to produce peanut butter.
a. Use the production and price information in the table to calculate the nominal GDP for 2015.
b. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015?
c. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015?

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Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane,...

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