Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts

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Gorgonzola Is A Small Island Nation With A Simple Economy That Produces Only Six Goods Sugar Cane Yo Yos Rum Peanuts 1 (32.84 KiB) Viewed 13 times

Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produce rum and one-half of all the peanuts are used to produce peanut butter. 2015 Product Sugar cane Yo-yos Rum Peanuts Harmonicas Peanut butter 2013 $7.790 2013 Quantity 240 600 150 500 75 100 Price $0.80 2.50 2014 $8.017.5 10.00 2.00 25.00 4.50 2014 Quantity 240 700 160 450 75 85 Price $1.00 3.00 12.00 2.50 30.00 4.50 Quantity 300 750 180 450 85 85 Price $1.15 4.00 15.00 2.50 Nominal GDP for 2015 is $120. (Round your response to two decimal places.) Use the production and price information in the table to calculate real GDP for 2013 and 2014 using 2013 as the base year. (Round your responses to two decimal places.) 30.00 5.00 Real GDP 2013 Base Year Calculate the growth rate of real GDP from 2013 to 2014 using 2013 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP 2013-2014 = 2,92%