7 The following table shows nominal GDP and the implicit GDP deflator for three years. Use this...

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7 The following table shows nominal GDP and the implicit GDP deflator for three years. Use this information to calculate the real GDP and to answer the following questions.
Implicit GDP Year Nominal GDP Deflator Real GDP 1 206 98 2 216 100 3 228 115

a. Which year is the base year?

b. Prices in year 3 were (higher, lower) than prices in the base year.

c. During year 3, nominal GDP .
(increased, did not change, decreased)

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Fundamentals Of Economics

ISBN: 9780618992676

4th Edition

Authors: William Boyes , Michael Melvin

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Question Posted: Jul 08, 2024 02:03 AM

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7 The following table shows nominal GDP and the implicit GDP deflator for three years. Use this...

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Fundamentals Of Economics

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