Question: 1. 11. (If Appendix is assigned) The chained Year 1 euro estimate of real GDP in the apples-and-oranges example (see Appendix ) is smaller than

1. 11. (If Appendix is assigned) The “chained Year 1 euro” estimate of real GDP in the apples-and-oranges example (see Appendix

) is smaller than the

“constant Year 1 euro” estimate of real GDP. Can you explain why?

(Hint: Compare the GDP growth rates derived using the two methods.)

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