This preview shows page 1. Sign up to view the full content.
Unformatted text preview: (2) Did you use the expenditure approach or income approach to make your calculation? Why?[1] (3) How much did Econland government spend on goods and services (G) in 2008. [2] 2. An island economy has 10 people and produces and consumes only bananas and coconuts. The base year is 2008, and the following table gives the prices and the quantity of final goods 2008 2009 2008 2009 Price (P) price (P) output (Y) output (Y) Bananas $10 $15 100 110 Coconuts $12 $10 50 60 . (1) Find GDP (nominal GDP) for 2008 and 2009. [2] (2) Find RGDP (Y) for 2008 and 2009. [2] (3) Find RGDP per person (Y/population) for 2008 and 2009. [2]...
View
Full
Document
This note was uploaded on 09/08/2010 for the course ECON 1A at San Jose State University .
 '10
 Shieh,YeungNan

Click to edit the document details