For the Following Questions, Suppose an Economy Produces Only Food

question 32

Multiple Choice

For the following questions, suppose an economy produces only food and clothing, and that price and quantity data are given in the table below.


-What is approximately the growth rate of real GDP using base year 1?

---

Definitions:

Degree of Digitization

The extent to which processes, operations, or systems are converted or adapted to digital form, impacting efficiency, accessibility, and innovation.

Physical Nature

Physical Nature describes the fundamental qualities and properties of matter and energy in the physical universe, often explored through physics and natural sciences.

Digital Nature

The intrinsic properties and behaviors of systems and processes that exist or operate primarily in a digital or electronic form.

Online Retailing

The process of selling goods and services through the internet to consumers.