Q3) Refer to the information provided in Table below Find the nominal and real GDP in 2017, 2018 and 2019. Then explain the diffrences between RGDP and Nominal GDP. Year 2017 Base year price index=10 Output=4 million Year 2018 Current year price index=20 Output=6 million Year 2019 Current year price index= 25 Output= 8 million
Q3) Refer to the information provided in Table below Find the nominal and real GDP in 2017, 2018 and 2019. Then explain the diffrences between RGDP and Nominal GDP. Year 2017 Base year price index=10 Output=4 million Year 2018 Current year price index=20 Output=6 million Year 2019 Current year price index= 25 Output= 8 million
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Measuring A Nation's Income
Section: Chapter Questions
Problem 4PA
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Q3) Refer to the information provided in Table below Find the nominal and real GDP in 2017, 2018 and 2019. Then explain the diffrences between RGDP and Nominal GDP.
Year 2017 |
Base year price index=10 |
Output=4 million |
Year 2018 |
Current year price index=20 |
Output=6 million |
Year 2019 |
Current year price index= 25 |
Output= 8 million |
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