Table 12-24 -Refer to Table 12-24

question 182

Essay

Table 12-24
$\begin{array}{c} \quad \quad \quad \quad \quad2007 \quad \quad \quad \quad 2013\\\begin{array}{|l|c|c|c|r|}\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Pizzas } & 100 & \$ 10 & 120 & \$ 12 \\\hline \text { Haircuts } & 50 & 15 & 45 & 20 \\\hline \text { Backpacks } & 200 & 40 & 210 & 45 \\\hline\end{array}\end{array}$
-Refer to Table 12-24.Suppose that a very simple economy produces three goods: pizzas,haircuts,and backpacks.Suppose the quantities produced and their corresponding prices for 2007 and 2013 are shown in the table above.Use the information to compute real GDP in the year 2007 and 2013.Calculate real GDP in 2013 assuming the base year is 2007.Do the same calculation assuming the base year is 2013.Are the calculations different? Why?

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Definitions:

Subconscious Mind

The part of the mind that is not currently in focal awareness but influences thoughts, feelings, and actions.

Temperament

The aspects of an individual's personality, such as introversion or extroversion, that are considered to be innate rather than learned.

Perceived Injustice

The feeling or belief that one has been treated unfairly or has experienced unfairness in a particular situation.

Management

The process of dealing with or controlling things or people, often within organizations, including planning, directing, organizing, and controlling resources to achieve goals.