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Table 19-9 -Refer to Table 19-9.Suppose That a Very Simple Economy Produces

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Table 19-9
Table 19-9 -Refer to Table 19-9.Suppose that a very simple economy produces three goods: pizzas,haircuts,and backpacks.Suppose the quantities produced and their corresponding prices for 2007 and 2011 are shown in the table above.Use the information to compute real GDP in the year 2007 and 2011.Assume that 2007 is the base year.Is output higher in 2011 or 2007? Why?
-Refer to Table 19-9.Suppose that a very simple economy produces three goods: pizzas,haircuts,and backpacks.Suppose the quantities produced and their corresponding prices for 2007 and 2011 are shown in the table above.Use the information to compute real GDP in the year 2007 and 2011.Assume that 2007 is the base year.Is output higher in 2011 or 2007? Why?

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