Handout 2b - 103 11,000 $1.10 3,200 $25.00 1,025 $200.00 a....

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Handout 2b – Gross Domestic Product in LaFleur Spring 2007 Page 1 of 1 The nation of LaFleur produces hockey pucks, hockey sticks, and pairs of hockey skates. Listed below are the data on prices and quantities of the three goods and the population of LaFleur in 2000 and 2005. Pucks Sticks Pairs of Skates Year Population Quantity Price Quantity Price Quantity Price 2000 100 10,000 $1.00 3,000 $20.00 1,000 $150.00 2005
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Unformatted text preview: 103 11,000 $1.10 3,200 $25.00 1,025 $200.00 a. Calculate the level of nominal GDP for LaFleur in 2000 and in 2005. b. Calculate the growth rate of nominal GDP from 2000 to 2005. c. Assume that 2000 is the base year. Calculate the level of real GDP for LaFleur in 2000 and in 2005. d. Calculate the growth rate of real GDP from 2000 to 2005. e. Calculate the growth rate of real GDP per person from 2000 to 2005....
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