suppose that a very small economy produces only televisions and computers. Determine nominal GDP and real GDP in year 4, using the following…
suppose that a very small economy produces only televisions and computers. Determine nominal GDP and real GDP in year 4, using the following information: In year 1, the base year, 10 computers sold at $2000 each, and 15 televisions sold at $500 each. In year 4, 17 computers sold at $2200 each and 20 televisions sold at $500 each.
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