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Between 1929 and 1933, NNP measured in current prices fell from $96 billion to $48 billion. Over the same period, the relevant price index fell from 100 to 75.
a.What was the percentage decline in nominal NNP from 1929 to1933?
b.What was the percentage decline in real NNP from 1929 to 1933? Show your work.
Wages
Compensation received by employees for their labor or services, typically on an hourly, daily, or piecework basis.
Skewed
A distribution that is not symmetric and has one tail longer than the other, indicating that the data are not evenly distributed around the mean.
Ontario Bird Count
An event or initiative focused on counting bird species and populations within the province of Ontario to track avian biodiversity and population trends.
Outliers
Data points that differ significantly from other observations, which can occur due to variability in the measurement or possibly indicate experimental error.
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