(Year 2000, Year 2001)

Question

QUANTITY
...Popcorn: (200,250)
....Novels: (50,30)
.....Shoes: (8,10)

PRICE
...Popcorn: ($1,$2)
....Novels: ($20,$25)
.....Shoes: ($100,$80)

If 2000 is the base year, what is the real GDP in 2001?

Answer 1

NOMINAL GDP
...2000: $1,100
...2001: $2,050

Answer 2

no, no, no. See my response post to "urgent economics -gdp" above.