Essay
Table 19-22
2013 2018
-Refer to Table 19-22. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above. Use the information to compute real GDP in the year 2013 and 2018. Assume that 2013 is the base year. Is output higher in 2018 or 2013? Why?
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