An island economy produces only lobsters and crabs. The table gives the quantities produced and the prices
Question:
a. Nominal GDP in 2012.
b. Nominal GDP in 2013.
c. The value of 2013 production in 2012 prices.
d. Percentage increase in production when valued at 2012 prices.
e. The value of 2012 production in 2013 prices.
f. Percentage increase in production when valued at 2013 prices.
g. Real GDP in 2012 and 2013.
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a Nominal GDP in 2012 20 x 100 25 x 25 2000 625 2625 b Nominal GDP in 2013 25 x 110 30 x 30 2750 900 ...View the full answer
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