Table 23-3

-Refer to Table 23-3.Using 2006 as the base year,for 2007,

Name: Table 23-3 -Refer to Table 23-3.Using 2006 as the base year,for 2007,
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Question

Table 23-3
 
-Refer to Table 23-3.Using 2006 as the base year,for 2007,

Quizplus · Accepted Answer

Real GDP is calculated using base year prices, and the GDP deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy. Using 2006 as the base year, the real GDP for 2007 is $880, and the GDP deflator is 125, indicating that the nominal GDP is higher than the real GDP by 25%.

Table 23-3 -Refer to Table 23-3.Using 2006 as the Base Year,for 2007