Question No.18: Artica is a nation with a simple economy that produces only six goods: oranges, bicycles, magazines, paper, orange juice, and hats. Assume that half of all the oranges are used to...

Extracted text: Question No.18: Artica is a nation with a simple economy that produces only six goods: oranges, bicycles, magazines, paper, orange juice, and hats. Assume that half of all the oranges are used to produce juice and one-third of all of all the paper is used to produce magazines. a. Use the production and price information in the table to calculate nominal GDP for 2011. b. Use the production and price information in the table to calculate real GDP for 2009, 2010, and 2011 using 2009 as the base year. What is the growth rate of real GDP from 2009 to 2010 and 2010 to 2011? c. Use the production and price information in the table to calculate real GDP for 2009, 2010 and 2011 using 2010 as the base year. What is the growth rate of real GDP from 2009 to 2010 and 2010 to 2011? 2009 2010 2011 PRODUCT QUANTITY PRICE QUANTITY PRICE QUANTITY PRICE Oranges 180 $0.90 200 $1.00 200 $1.25 Bicycles 20 85.00 25 90.00 30 95.00 Magazines 175 3.50 150 3.50 150 3.25 Раper 675 0.60 600 0.50 630 0.50 Orange Juice 40 3.50 50 4.00 60 4.50 Hats 70 10.00 80 12.50 100 15.00