Unit 2 A1: Calculation of GDP – Sweatshirts/Guns Butter Examples Product Quantity Price Sweatshirts 50 $35.00 Dental exams 40 $75.00 Coffee drinks…

$10

2. Consider the data above for Tyrovia, a country that produces only two products: guns and butter. Calculate Real GDP for Tyrovia for 2013 using 2005 as the base year.  Also calculate nominal GDP for Tyrovia in 2013.

1DETERMINE Nominal and Real GDP.The answer to question 1.PRODUCTSweatshirts QUANTITY (Q)50 PRICE $ (P)35 Q.P ($)1,750 Dental exams 40 75 3,000 Coffee DrinksCoffee Beans 1,0002,000 40.5…