The table attached gives data on the production and prices in a small economy. Use 2012 as the base period. What does nominal GDP equal in 2012? What does nominal GDP equal in 2013? What does real GDP equal in 2013? Calculate the growth rate in real GDP from 2012-2013
The table attached gives data on the production and prices in a small economy. Use 2012 as the base period. What does nominal GDP equal in 2012? What does nominal GDP equal in 2013? What does real GDP equal in 2013? Calculate the growth rate in real GDP from 2012-2013
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 8SQ
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The table attached gives data on the production and prices in a small economy. Use 2012 as the base period.
- What does nominal
GDP equal in 2012? - What does nominal GDP equal in 2013?
- What does real GDP equal in 2013?
- Calculate the growth rate in real GDP from 2012-2013
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