Question 1:
Consider the following production data for Kuznetsistan, which produces only milk and juice.
2018 2019
Price Quantity Price Quantity
Milk $2/L 5L $3/L 2L
Juice $3/L 5L $4/L 6L
a) Calculate nominal GDP for 2018 and 2019
b) Calculate the growth rate in nominal GDP between these years
Question 2:
The following are GDP figures for Macrostan:
Year GDP (bn)
2020 $205
2019 $200
If Macrostan maintains the same growth rate, how long will it take for GDP to reach $410bn?
