Essay
Suppose two Canadian provinces, say Alberta and Manitoba, produce only wheat, 10 tonnes each. The price of wheat in Alberta is $240 a tonne and in Manitoba is $250 a tonne.
a. Calculate nominal GDP in the two provinces and discuss the results.
b. Imagine a method of calculating GDP that would allow a more accurate comparison between the economic performances of the two provinces.
Correct Answer:
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a. Alberta's GDP = 10 × 240 = $2400; Man...View Answer
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