Essay
-The table gives data on the production and prices in a small economy.Use 2012 as the base period.
a.What does nominal GDP equal in 2012?
b.What does real GDP equal in 2012?
c.What does nominal GDP equal in 2013?
d.Using the chained-price method,what does real GDP equal in 2013?
Correct Answer:
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a.Nominal GDP in 2012 equals $8.00.Nomin...View Answer
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