What is the growth rate of real gdp

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Reference no: EM133126141

Suppose the information in the table on the next page is for simple economy that produces only four goods and services: text-books, hamburgers, shirts, and cotton. Assume that all the cotton is used in the production of shirts 

 

2005

2012

2013

Product

Quantity

Price

Quantity

Price

Quantity

Price

Textbooks

90

50

100

56

100

65

Hamburgers

75

2

100

2

120

2.25

Shirts

50

30

50

25

65

25

Cotton

100

0.80

800

0.60

120

0.70

1. Use the information in the table to calculate real GDP for 2012 and 2013, assuming that the base year is 2005.

2. What is the growth rate of real GDP between 2012 and 2013?

Reference no: EM133126141

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