Essay
Table 19-10
-Refer to Table 19-10.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. Calculate real GDP in 2011 assuming the base year is 2007. Do the same calculation assuming the base year is 2011.Are the calculations different? Why?
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