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Nominal GDP for the Bahamas for 2020 and 2021 Year 2020 2021 Nominal GDP for the Bahamas (B$ Mil) 9,669.5 11,208.6 Using only the nominal GDP, what do you know about (1) Changes in the level of output during this period? Explain. (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain.

Nominal GDP for the Bahamas for 2020 and 2021 Year 2020 2021 Nominal GDP for the Bahamas (B$ Mil) 9,669.5 11,208.6 Using only the nominal GDP, what do you know about (1) Changes in the level of output during this period? Explain. (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain.

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
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Nominal GDP for the Bahamas for 2020 and 2021 Year 2020 2021 Nominal GDP for the Bahamas (B$ Mil) 9,669.5 11,208.6 Using only the nominal GDP, what do you know about (1) Changes in the level of output during this period? Explain. (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain.
Transcribed Image Text:Nominal GDP for the Bahamas for 2020 and 2021 Year 2020 2021 Nominal GDP for the Bahamas (B$ Mil) 9,669.5 11,208.6 Using only the nominal GDP, what do you know about (1) Changes in the level of output during this period? Explain. (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain.
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