Consider the Following Data

Essay

Consider the following data. Assume that the economy produces only frozen fish.
Calculate the growth rate of real GDP.
$$\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Tons of Frozen } \\\text { Fish Sold }\end{array} & \begin{array} { c } \text { Actual } \\\text { Price }\end{array} \\\hline \text { Last year } & 150 & \$ 1,500 \\\hline \text { This year } & 153 & \$ 1,576 \\\hline\end{array}$$