Use the following to answer questions: Table: Three-Good Economy II
-(Table: Three-Good Economy II) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and the prices of goods sold in 2008 and 2009. What is the growth rate of real GDP in 2009 if 2009 prices are used in the calculation of real GDP?
A) -3.71%
B) -2.94%
C) -1.97%
D) 1.00%
Correct Answer:
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Q80: If nominal GDP in 2007 is $5.43
Q81: Use the following to answer questions:
Q82: Given the GDP at the end of
Q83: Use the following to answer questions:
Q84: Use the following to answer questions:
Q86: Use the following to answer questions:
Q87: Use the following to answer questions:
Q88: Real GDP is calculated using:
A) prices at
Q89: Use the following to answer questions:
Q90: Nominal GDP is calculated using:
A) prices at
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