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Jugs of soda 20 2.00 30 1.50 1. The tables above give the purchases of an average consumer in a small econe 2015 is the reference base period. e) What is the expected real income in 2016? f) What is the nominal GDP in 2015? In 2016? g) What is the real GDP in 2015? In 2016? h) Does the economy achieve economic growth in 2016?

Jugs of soda 20 2.00 30 1.50 1. The tables above give the purchases of an average consumer in a small econe 2015 is the reference base period. e) What is the expected real income in 2016? f) What is the nominal GDP in 2015? In 2016? g) What is the real GDP in 2015? In 2016? h) Does the economy achieve economic growth in 2016?

Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter10: Measuring A Nation's Income
Section: Chapter Questions
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Quantity (2015) 20 Price (RM) (2015) 3.00 Quantity (2016) 22 Price (RM) (2016) Item Loaves of bread Jugs of soda 4.00 20 2.00 30 1.50 1. The tables above give the purchases of an average consumer in a small economy. Suppose 2015 is the reference base period. e) What is the expected real income in 2016? f) What is the nominal GDP in 2015? In 2016? g) What is the real GDP in 2015? In 2016? h) Does the economy achieve economic growth in 2016?
Transcribed Image Text:Quantity (2015) 20 Price (RM) (2015) 3.00 Quantity (2016) 22 Price (RM) (2016) Item Loaves of bread Jugs of soda 4.00 20 2.00 30 1.50 1. The tables above give the purchases of an average consumer in a small economy. Suppose 2015 is the reference base period. e) What is the expected real income in 2016? f) What is the nominal GDP in 2015? In 2016? g) What is the real GDP in 2015? In 2016? h) Does the economy achieve economic growth in 2016?
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