The information in the table to answer the following questions. Assume that 2010 is the base year.
Question:
a. Calculate real GDP in 2010, 2011, and 2012.
b. Did output in the economy grow by more in percentage terms between 2010 and 2011 or between 2011 and 2012? Briefly explain.
Transcribed Image Text:
2010 2011 2012 Quantity Price Quantity Price Quantity Price Grapes Raisins Oranges 100 0.50 125 0.50 125 0.60 1.25 20 5.00 30 5.00 306.00 75 1.00 8 $1.00 8
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Related Book For
Macroeconomics
ISBN: 9780132109994
1st Edition
Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty
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