In 2010, the GDP in the tiny country of Lindora was $4 million and the price of a market basket of goods was $15. In 2022, the GDP in Lindora was $5 million and the price of a market basket of goods was $35. Given this information, it is clear that Lindora's GDP had a higher level of production in 2022 than in 2010. Evaluate this statement.

In 2010, the GDP in the tiny country of Lindora was $4 million and the price of a market basket of goods was $15. In 2022, the GDP in Lindora was $5 million and the price of a market basket of goods was $35. Given this information, it is clear that Lindora's GDP had a higher level of production in 2022 than in 2010. Evaluate this statement.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 4QP

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