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Essentials of Economics 8th Edition by Bradley Schiller
Edition 8ISBN: 978-0073511399Essentials of Economics 8th Edition by Bradley Schiller
Edition 8ISBN: 978-0073511399 Exercise 18
Suppose the following data describe output in two different years:
( a ) Compute nominal GDP in each year.
( b ) By what percentage did nominal GDP increase between Year 1 and Year 2?
( c ) Now compute real GDP in Year 2 by using the prices of Year 1.
( d ) How has real GDP changed from Year 1 to Year 2?
( a ) Compute nominal GDP in each year.
( b ) By what percentage did nominal GDP increase between Year 1 and Year 2?
( c ) Now compute real GDP in Year 2 by using the prices of Year 1.
( d ) How has real GDP changed from Year 1 to Year 2?
Explanation
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Verified
(a) Nominal GDP for a particular year ca...
Essentials of Economics 8th Edition by Bradley Schiller
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