1. Those are the production numbers for 3 different years for country Year Price of Quantity of bananas kg. Price of Quantity of backrubs Bananas $ backrubs $ 1 1.00 6.00 1.00 6.00 6.00 3 2.00 10 9. a. Calculate real and nominal GDP for year 1, 2 and year 3 when base year is year 1. b. Calculate GDP with Chain weighted method for period 3. Compare the result with the answer in part a.
1. Those are the production numbers for 3 different years for country Year Price of Quantity of bananas kg. Price of Quantity of backrubs Bananas $ backrubs $ 1 1.00 6.00 1.00 6.00 6.00 3 2.00 10 9. a. Calculate real and nominal GDP for year 1, 2 and year 3 when base year is year 1. b. Calculate GDP with Chain weighted method for period 3. Compare the result with the answer in part a.
Chapter5: National Income Accounting
Section: Chapter Questions
Problem 14E
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