Essay
Table 8-23
2007 2013
-Refer to Table 8-23.Suppose that a very simple economy produces three goods: pizzas,haircuts,and backpacks.Suppose the quantities produced and their corresponding prices for 2007 and 2013 are shown in the table above.Use the information to compute real GDP in the year 2007 and 2013.Assume that 2007 is the base year.Is output higher in 2013 or 2007? Why?
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