Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.
Refer to the above data. If year 2 is the base year, then Real GDP in year 5 is:
A.
$120
B.
$90
C.
$60
D.
$30
C.
$60
Economics
You might also like to view...
Suppose that real GDP starts at 100 and grows at a rate of 10 percent per year for two years. In the third year real GDP would be
A) 110. B) 110.1. C) 120. D) 121.
Economics
Refer to above figure. What is the revenue gain or loss for Europe as a whole (including taxpayers)?
What will be an ideal response?
Economics