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Nominal vs. Real GDP

Consumer Price Index (pound of corn)

Year Current Price Base Year Price Price Index

2006 $1.00 $1.00 100

2007 $1.25 A 125

2008 $1.34 $1.00 B

2009 C $1.00 146

Consider the price index above. What are the values for A, B, and C? Was there inflation from 2006 to 2009? If the price changes above occurred for all goods across the economy during the four year period, describe how nominal GDP and real GDP would differ.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M926526

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