10. Refer to Table 3, which contains data for a hypothetical single-product economy. Real GDP in year 3 is. a. $450. b. $225. C. $150. d. $100. Table 3 Year Units of Output Price of Pizza Per Unit Price Index (Year 1 = 100) 10 $10 100 2 12 20 200 15 30 300 4 20 40 400 3.
10. Refer to Table 3, which contains data for a hypothetical single-product economy. Real GDP in year 3 is. a. $450. b. $225. C. $150. d. $100. Table 3 Year Units of Output Price of Pizza Per Unit Price Index (Year 1 = 100) 10 $10 100 2 12 20 200 15 30 300 4 20 40 400 3.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 8QR
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Price index = [Nominal GDP / Real GDP] ×100
Real GDP = [Nominal GDP /Price Index] ×100
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