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The table below is the data for Senecaville (4 Marks): Year Average Level of Prices ($) Quantity of Output 2015 21 950 2020 24 850
- The table below is the data for Senecaville (4 Marks):
Year | Average Level of Prices ($) | Quantity of Output |
2015 | 21 | 950 |
2020 | 24 | 850 |
2025 | 28 | 1,200 |
- Calculate the nominal GDP for 2015, 2020, and 2025.
- By using 2020 as the base year, what are the price indexes for 2015 and 2025?
- By using the price indexes calculated in part b, express real GDP in Senecaville for 2015, 2020, and 2025.
- Is the economy expanding equally each year? Why or why not?
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The Ethics Of The New Economy Restructuring And Beyond
Authors: Leo Groarke
1st Edition
1554586933, 9781554586936
