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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.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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 12 20 200 15 30 300 4 20 40 400 2. 3.
Transcribed Image Text: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 12 20 200 15 30 300 4 20 40 400 2. 3.
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Price index = [Nominal GDP / Real GDP] ×100

Real GDP = [Nominal GDP /Price Index] ×100

 

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