what was the difference between the economy’s nominal GDP in 2020 and 2021?

2020 2021  Price Quantity Price QuantitySmartphones $500 75 $750 100Smart TVs $200 100 $380 150An economy's GDP consists only of smartphones and smart TVs. Based on the data in the table, what was the difference between the economy’s nominal GDP in 2020 and 2021?The difference in nominal GDP between these two years was $

There are only two goods produced in "Economicsland", food and clothing and 2020 is the base year. In 2020, 20 units of food are produced at a price of $10/unit and 5 units of clothing are produced at $30/unit. In 2021, 10 units of food are produced at a price of $15/unit and 10 units of clothing are produced at $30/unit. What is the nominal GDP in 2021?Multiple choice question.$350$1100$450$750

The GDP of a country's economy in 2020 (base year) is 400 billion yuan. If the GDP deflator in 2021 is 300 and real GDP increases by 30%, what is the nominal GDP in 2021?

At what annual rate did real gross domestic product (GDP) increased the fourth quarter of 2023?

Refer to the following information:The table below shows some economic indicators for Country P.2019 2020 2021 forecastReal GDP growth (%) 2.25 2.00 3.25Unemployment rate (%) 4.9 4.7 5.0Labour force participation rate (%) 65 63 66Consumer price index (%) 1.9 1.6 2.1Nominal wage growth (%) 1.0 1.2 2.5Government budget balance (% of GDP) –1.5 – 3.0 – 4.5Cash rate (%) 1.5 1.0 1.0Current account balance (% of GDP) – 0.5 3.0 4.0Early in 2020, a spokesperson for the government of Country P stated that the government wascommitted to stimulating the economy, despite Country P recently benefiting from high commodityprices and strong demand for its exports. They announced tax cuts for low- and middle-incomeearners and an increase in welfare payments, effective from 1 July 2020. These measures wereintended to boost consumer and business confidence and increase the labour force participation rate.(c) On the diagram below, indicate the likely phase of the business cycle of Country P in 2021.Justify your answer.