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3. The table below contains national income data for a hypothetical economy. Year Nominal GDP (in millions) GDP Deflator Real GDP (in millions) 2013 $3237
3. The table below contains national income data for a hypothetical economy.
Year Nominal GDP (in millions) GDP Deflator Real GDP (in millions)
2013 $3237.0 93.0 BLANK 2014 $3156.4 BLANK $3247.3 2015 BLANK 100 $2995.3 2016 $3376.2 BLANK $3721.5 2017 $3517.6 101.4 BLANK 2018 $3797.3 BLANK $3701.1
1.(a)(6 marks) Fill in the missing data in the table.
- (b)(2 marks) Which year is the base year and what role does this year play in determining real GDP?
- (c)(3 marks) How would you describe the behaviour of production for this economy over the 2013 to 2018 time period?
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Data Analytics For Accounting
Authors: Vernon Richardson
2nd Edition
1260904334, 9781260904338
