The table provides data on the economy of Maritime Republic that produces only fish and crabs. a.

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The table provides data on the economy of Maritime Republic that produces only fish and crabs.

a. Calculate Maritime Republic€™s nominal GDP in 2011 and 2012.
b. Calculate Maritime Republic€™s chained-dollar real GDP in 2012 expressed in 2011 dollars.

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Macroeconomics Canada in the Global Environment

ISBN: 978-0321778109

8th edition

Authors: Michael Parkin, Robin Bade

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Question Posted: Dec 19, 2015 04:47 AM

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The table provides data on the economy of Maritime Republic that produces only fish and crabs. a.

Question:

Quantities Fish Crabs 1,000 tonnes 500 tonnes 2012 1,100 tonnes 525 tonnes Prices Fish Crabs S30 a tonne $8 a tonne $10 a tonne

Step by Step Answer:

a In 2011nominal GDP is 25000 and in 2012nominal GDP is 37200 Nominal GDP in 2011is equal to total e...View the full answer

Macroeconomics Canada in the Global Environment

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