Year Quantity of apples Price of apples Price of pretzel Quantity of pretzel 2000 bags 2016 (base) 1000 $2 $3.0 pounds 9

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Year Quantity Of Apples Price Of Apples Price Of Pretzel Quantity Of Pretzel 2000 Bags 2016 Base 1000 2 3 0 Pounds 9 1 (39.94 KiB) Viewed 33 times

Year Quantity of apples Price of apples Price of pretzel Quantity of pretzel 2000 bags 2016 (base) 1000 $2 $3.0 pounds 900 pounds 2017 $3 2000 bags $3.2 a. [1 point] What is the value of Nominal GDP in 2016? 8,000 b. [1 point] What is the value of Nominal GDP in 2017? 9,100 c. [1 point] Calculate the growth rate of Nominal GDP between 2016 and 2017. Round your answer to the nearest first decimal. d. [1 point] What is the value of Real GDP in 2016? e. [1 point] What is the value of Real GDP in 2017? f. [1 point] Calculate the growth rate of Real GDP between 2016 and 2017. Round your answer to the nearest first decimal. g. [1 point] Explain the difference between the growth rates of real and nominal GDP.