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Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and que three-year period. Pencils Envelopes Price Quantity Price Quantity Year (Dollars per pencil) (Number of pencils) (Dollars per envelope) (Number of envelopes) 2008 N 115 5 שי 175 2009 4 150 2010 I 100 N N 180 160 Use the information from the previous table to fill in the following table. GDP Real GDP Year 2008 (Dollars) (Base year 2008, dollars) 2009 2010 2 @ --> C # 3 $ 4 % 65 וום H acer & 6 7 8 9 Real GDP Year (Dollars) (Base year 2008, dollars) 2008 2009 2010 From 2009 to 2010, GDP and real GDP Why is real GDP a more accurate measure of an economy's production than GDP? Real GDP is not influenced by price changes, but GDP is. Real GDP includes the value of exports, but GDP does not. GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. K acer -> C 9

Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and que three-year period. Pencils Envelopes Price Quantity Price Quantity Year (Dollars per pencil) (Number of pencils) (Dollars per envelope) (Number of envelopes) 2008 N 115 5 שי 175 2009 4 150 2010 I 100 N N 180 160 Use the information from the previous table to fill in the following table. GDP Real GDP Year 2008 (Dollars) (Base year 2008, dollars) 2009 2010 2 @ --> C # 3 $ 4 % 65 וום H acer & 6 7 8 9 Real GDP Year (Dollars) (Base year 2008, dollars) 2008 2009 2010 From 2009 to 2010, GDP and real GDP Why is real GDP a more accurate measure of an economy's production than GDP? Real GDP is not influenced by price changes, but GDP is. Real GDP includes the value of exports, but GDP does not. GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. K acer -> C 9

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and que three-year period. Pencils Envelopes Price Quantity Price Quantity Year (Dollars per pencil) (Number of pencils) (Dollars per envelope) (Number of envelopes) 2008 N 115 5 שי 175 2009 4 150 2010 I 100 N N 180 160 Use the information from the previous table to fill in the following table. GDP Real GDP Year 2008 (Dollars) (Base year 2008, dollars) 2009 2010 2 @ --> C # 3 $ 4 % 65 וום H acer & 6 7 8 9
Transcribed Image Text:Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and que three-year period. Pencils Envelopes Price Quantity Price Quantity Year (Dollars per pencil) (Number of pencils) (Dollars per envelope) (Number of envelopes) 2008 N 115 5 שי 175 2009 4 150 2010 I 100 N N 180 160 Use the information from the previous table to fill in the following table. GDP Real GDP Year 2008 (Dollars) (Base year 2008, dollars) 2009 2010 2 @ --> C # 3 $ 4 % 65 וום H acer & 6 7 8 9
Real GDP Year (Dollars) (Base year 2008, dollars) 2008 2009 2010 From 2009 to 2010, GDP and real GDP Why is real GDP a more accurate measure of an economy's production than GDP? Real GDP is not influenced by price changes, but GDP is. Real GDP includes the value of exports, but GDP does not. GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. K acer -> C 9
Transcribed Image Text:Real GDP Year (Dollars) (Base year 2008, dollars) 2008 2009 2010 From 2009 to 2010, GDP and real GDP Why is real GDP a more accurate measure of an economy's production than GDP? Real GDP is not influenced by price changes, but GDP is. Real GDP includes the value of exports, but GDP does not. GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. K acer -> C 9
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