EBK PRINCIPLES OF MACROECONOMICS
12th Edition
ISBN: 8220101472298
Author: Oster
Publisher: PEARSON
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Question
Chapter 6, Problem 3.6P
Subpart (a):
To determine
To calculate the nominal
Subpart (b):
To determine
To calculate the real GDP for 2013, 2014, and 2015 using 2013 as the base year and also the growth rate of real GDP.
Subpart (c):
To determine
To calculate the real GDP for 2013, 2014, and 2015 using 2014 as the base year and also the growth rate of real GDP.
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- Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?arrow_forwardList some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.arrow_forward
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