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Consider a very limited economy with only six goods being produced We record the amount produced and sold in each of two consecutive years, which is shown in the table below: 13 Chicken (lbs) Time

Consider a very limited economy with only six goods being produced. We record the amount produced and sold in each of two consecutive years, which is shown in the table below: 13 Chicken (lbs) Time mag. Elec. (KWH) Cereal (boxes) Gloves (pr.) Candy bar Year 1 P Q $1.50 95 $1.00 15 $0.07 1500 $3.29 52 $20.85 4 $1.00 125 Year 2 Р Q $1.33 110 $1.25 $0.06 1550 $3.25 55 $25.00 3 $1.05 115 To calculate answers to #11 and #12, you will have to calculate the nominal and real GDP values for each year. We will use the prices in year 1 as the base for the calculation of real values. 11. By what percentage did nominal GDP change by from year 1 to year 2? 12. By what percentage did real GDP change by from year 1 to year 2?

Apr 12 2021 View more View Less

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