Year Guns Produced Price of Guns Butter Produced Price of butter 2005 80 $5 40 $4 2011 90 $6 60 $10 Consider the data above for Islandia, a country that produces only two products: guns and butter. Real GDP for Islandia for 2011 using 2005 as the base year equals.
Year Guns Produced Price of Guns Butter Produced Price of butter 2005 80 $5 40 $4 2011 90 $6 60 $10 Consider the data above for Islandia, a country that produces only two products: guns and butter. Real GDP for Islandia for 2011 using 2005 as the base year equals.
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
Problem 7QR
Related questions
Question
Year |
Guns Produced |
|
Butter Produced |
Price of butter |
2005 |
80 |
$5 |
40 |
$4 |
2011 |
90 |
$6 |
60 |
$10 |
Consider the data above for Islandia, a country that produces only two products: guns and butter.
Real GDP for Islandia for 2011 using 2005 as the base year equals.
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