Use the following data for this question. Price of Quantity of Price of Quantity of Year Chickens Chickens Ducks Ducks 2010 $5 100 $8 80 2011 $6 150 $10 100 2012 $6 200 $12 80 Nominal GDP grew from 2010 to 2012. Real GDP also grew, but by less. What portion of the growth of nominal GDP was due to growth of real GDP? (A portion is a fraction or decimal. So if three-quarters of the growth of nominal GDP was due to the growth of real GDP, you'd enter 0.75, not 75)

Use the following data for this question. Price of Quantity of Price of Quantity of Year Chickens Chickens Ducks Ducks 2010 $5 100 $8 80 2011 $6 150 $10 100 2012 $6 200 $12 80 Nominal GDP grew from 2010 to 2012. Real GDP also grew, but by less. What portion of the growth of nominal GDP was due to growth of real GDP? (A portion is a fraction or decimal. So if three-quarters of the growth of nominal GDP was due to the growth of real GDP, you'd enter 0.75, not 75)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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