Reference: Ref 6-2 (Table: Three-Product Economy) Suppose an economy produces only the three final goods listed in the table. What is the real GDP in 2009 if 2009 is the base year?
A) $34,310
B) $35,350
C) $33,700
D) $35,000
Correct Answer:
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Q53: Q54: The difference between nominal and real GDP Q55: The growth rate of GDP is Q56: Economists prefer using real GDP because, other Q57: From 1948 to 2003 the United States Q60: What is the term for GDP when Q61: Since World War II the long-term average Q62: Recessions can be defined as I. significant Q63: Why are transfer payments not counted as Q104: If real GDP rose in 2008, we
A) GDP
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