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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?
Economics:
Economics:
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?
(a)
| Year 1 | Year 2 | |||
| Quantity | Price | Quantity | Price | |
| Oranges | 100 | $5 | 150 | $5 |
| Pears | 100 | $3 | 75 | $4 |
The growth rate of constant-dollar real GDP with Year 1 as base.
Explanation of Solution
| Year 1 | Year 2 | Year 1 | Year 2 | |||
| Quantity | Price | Quantity | Price | Value of goods with Year 1 as base | Value of goods with Year 1 as base | |
| Oranges | 100 | $5 | 150 | $5 | $500 | $750 |
| Pears | 100 | |||||
(b)
| Year 1 | Year 2 | |||
| Quantity | Price | Quantity | Price | |
| Oranges | 100 | $5 | 150 | $5 |
| Pears | 100 | $3 | 75 | $4 |
The growth rate of constant-dollar real GDP with Year 2 as base.
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