Question
Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 54 78 78 $1.2 $1.5 $1.2 Good Y 69
Production | Prices | |||||
Year 1 | Year 2 | Year 3 | Year 1 | Year 2 | Year 3 | |
Good X | 54 | 78 | 78 | $1.2 | $1.5 | $1.2 |
Good Y | 69 | 86 | 111 | $0.9 | $0.8 | $0.8 |
Assume that this economy produces only two goods Good X and Good Y.
If year 1 is the base year, what is the value for this economy's GDP deflator in year 1?
Q2
Production | Prices | |||||
Year 1 | Year 2 | Year 3 | Year 1 | Year 2 | Year 3 | |
Good X | 51 | 79 | 81 | $1.1 | $1.7 | $1.4 |
Good Y | 62 | 92 | 115 | $0.7 | $0.8 | $0.8 |
If year 1 is the base year, what is the value for this economy's real GDP in year 2?
Answer:
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Global Marketing
Authors: Johny K Johansson
5th Edition
0073381012, 9780073381015
