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Economic Analysis of Social Issues 1st Edition by Alan Grant
Edition 1ISBN: 978-0134098371Economic Analysis of Social Issues 1st Edition by Alan Grant
Edition 1ISBN: 978-0134098371 Exercise 10
A small island economy produces 10 rafts in 2015 and sells them at a price of $20 per raft. In 2016, the island produces 12 rafts and sells them at $25 per raft. What is the nominal GDP in 2015 and in 2016? What is the real GDP in 2015 and 2016, using 2015 as the base year?
Explanation
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Nominal Gross Domestic Product in the ye...
Economic Analysis of Social Issues 1st Edition by Alan Grant
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