Using the chained-dollar method, calculate real GDP in 2018 and 2019. In terms of what dollars is
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Using the chained-dollar method, calculate real GDP in 2018 and 2019. In terms of what dollars is each of these two real GDPs measured?
In 2018 | |||
Item | Quantity | Price | |
Apples | 93 boxes | $7 abox | |
Pears | 50 boxes | $12 abox |
In 2019 | |||
Item | Quantity | Price | |
Apples | 109 boxes | $14 abox | |
Pears | 67 boxes | $7 abox |
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To calculate real GDP using the chaineddollar method you need to first calculate the nominal GDP for each year Nominal GDP is the value of all goods a...View the full answer
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