Assume the following economy produces only skateboards and the year 1981 is the base year. . Year Quantity Produced Price 1981 75 $30 1982 100 $33 1983 125 $38 1984 150 $42 What is the nominal GDP for the year 1982? What is the price index for the year 1982? What is the real GDP for the year 1982? In a few sentences explain why some of the things not counted in GDP may have a big impact on a family's well-being?

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Okay here are the calculations Nominal GDP for 1982 Quantity of skateboards 100 Price 3... View the full answer