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In the year 2018, the economy produces 100 loaves of bread that sell for $2 each. In the year 2019, the economy produces 200 loaves
- In the year 2018, the economy produces 100 loaves of bread that sell for $2 each. In the year 2019, the economy produces 200 loaves of bread that sell for $3 each.
- Calculate nominal GDP, real GDP, and the GDP de ator for each year (Use 2018 as the base year).
- By what percentage does each of these three statistics rise from one year to the next? (Hint: Use this percentage change formula to calculate the percentage change for any variable:
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Principles of economics
Authors: N. Gregory Mankiw
6th Edition
978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042
