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Which definition best describes real GDP ? the production of goods and services valued at constant prices the production of goods and services valued at
Which definition best describes real GDP
the production of goods and services valued at constant prices
the production of goods and services valued at current prices
the production of goods and services valued at tomorrow's prices
the general change in prices of goods and services from one period to the next
Consider a simple economy that produces two goods: tacos and hot dogs. The table shows the economy's production over several years. Calculate the real GDP for using as the base year.
tableYeartablePrice of tacosin dollarstableNumberof tacostablePrice of hot dogsin dollarstableNumber of hotdogs
real GDP: dollars
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