Estimate of real gdp in the apples-andoranges

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Reference no: EM131181538

(If Appendix is assigned.) The "chained Year 1 dollar" estimate of real GDP in the apples-andoranges example (see Appendix) is smaller than the "constant Year 1 dollar" estimate of real GDP. Can you explain why? (Hint: Compare the GDP growth rates derived using the two methods.)

Reference no: EM131181538

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