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GDP Calculations
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Real GDP is the preferred measure of production Base Year: Year 1
Production Prices Good Year 1 Year Year 1 Year 2 Goat Milk Bananas The real GDP in Year 1 is _____. The real GDP in Year 2 is _____. Use Year 1 as the base year. 600; (b) 600;630 (c) 640; (d) 640; 630 Answer: (d) Real GDP for Year 1 = (200*2.00)+(80*3.00)=640. Real GDP for Year 2 = (180*2.00)+(90*3.00)=630
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Real GDP is the preferred measure of production Base Year: Year 2
Production Prices Good Year 1 Year Year 1 Year 2 Goat Milk Bananas The real GDP in Year 1 is ____. The real GDP in Year 2 is ___. Use Year 2 as the base year. 736; (b) 736; 720 (c) 640; (d) 640; 720 Answer: (b) Real GDP for Year 1 = (200*2.40)+(80*3.20)=736 Real GDP for Year 2 = (180*2.40)+(90*3.20)=720
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