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Economics:

10th Edition
BOYES + 1 other
Publisher: Cengage Learning
ISBN: 9781285859460

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Chapter
Section
BuyFindarrow_forward

Economics:

10th Edition
BOYES + 1 other
Publisher: Cengage Learning
ISBN: 9781285859460
Chapter 5, Problem 3E
Textbook Problem
1 views

a. What is the growth rate of constant-dollar real GDP using year 1 as the base year?

b. What is the growth rate of constant-dollar real GDP using year 2 as the base year?

Chapter 5, Problem 3E, a. What is the growth rate of constant-dollar real GDP using year 1 as the base year? b. What is the

To determine

(a)

    Year 1Year 2
    QuantityPriceQuantityPrice
    Oranges100$5150$5
    Pears100$375$4

The growth rate of constant-dollar real GDP with Year 1 as base.

Explanation of Solution

    Year 1Year 2Year 1Year 2
    QuantityPriceQuantityPriceValue of goods with Year 1 as base Value of goods with Year 1 as base
    Oranges100$5150$5$500$750
    Pears100
To determine

(b)

    Year 1Year 2
    QuantityPriceQuantityPrice
    Oranges100$5150$5
    Pears100$375$4

The growth rate of constant-dollar real GDP with Year 2 as base.

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