Essay
Use the following to answer questions : 
-(Table: Gadget GDP in Rayistan) Look at the table Gadget GDP in Rayistan. Rayistan is a small nation that produces only one good, the gadget. The table shows production and prices of gadgets for two consecutive years, as well as the population of Rayistan.
a. Compute nominal GDP in 2010 and 2011.
b. Compute real GDP in 2010 and 2011.
c. Has Rayistan's standard of living, as measured by real GDP per capita, increased, decreased, or stayed the same?
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a. Nominal GDP in 2010 = 4,000 × $500 = ...View Answer
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