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In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 228 index points and per capita nominal GDP was $48 comma 500. In January1950, the CPI was at its lowest at 46 index points. Per capita nominal GDP in 1950 was $8 comma 000. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was

In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 228 index points and per capita nominal GDP was $48 comma 500. In January1950, the CPI was at its lowest at 46 index points. Per capita nominal GDP in 1950 was $8 comma 000. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Measuring A Nation's Income
Section: Chapter Questions
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In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 228 index points and per capita nominal GDP was $48 comma 500. In January 1950, the CPI was at its lowest at 46 index points. Per capita nominal GDP in 1950 was $8 comma 000. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was
Transcribed Image Text:In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 228 index points and per capita nominal GDP was $48 comma 500. In January 1950, the CPI was at its lowest at 46 index points. Per capita nominal GDP in 1950 was $8 comma 000. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was
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