Calculate real gdp do affect the calculated growth rate

Reference no: EM131199044

In the text, we calculated the change in real GDP in the hypothetical economy of Table 2-3 , using the prices of 2005. Calculate the change in real GDP between 2005 and 2010 using the same data but the prices of 2010 . Your answer should demonstrate that the prices that are used to calculate real GDP do affect the calculated growth rate, but typically not by very much.

Reference no: EM131199044

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