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1. Calculate real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow?

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year CD's Tennis Rackets

2004 110 200

2005 120 210

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  1. Not enough information


  2. RGDP(2004) = (110*18)+(200*90) = 1'980 + 18'000 = 19'980

    RGDP(2005) = (120*18)+(210*90) = 2'400 + 19'950 = 21'060

    ΔRGDP= 21'060 - 19'980 = 1'080

    ΔRGDP % = 1'080 *100 / 19'980 = 0.054 * 100 = +5.4%
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