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Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The following table shows the prices and quantities of the goods over a three-year period.
Suppose that the economy of Witland in the figure below is at full-employment equilibrium and the present nominal wage rate is $22 per hour. Round your answers to two decimal places. a. The real wage rate (in base year prices) is $ . b. Suppose th
The tables below show the aggregate demand and two aggregate supplies for the economy of Zandu. Price Index Aggregate Quantity Demanded 100 1,600 102 1,500 104 1,400 106 1,300 108 1,200 110 1,100 112 1,000 114 900 Price Index Aggregate Quantity Suppli
Use the graph shown below to calculate the growth rate of real GDP for a price increase of 20 percentage points in each case.
The table below provides information for the economy of Zawi.
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