Table 19-24 -Refer to Table 19-24

question 226

Essay

Table 19-24
$$\begin{array} { | l | c | c | c | c | } \hline & \mathbf { 2 0 1 1 } & & \mathbf { 2 0 1 6 } & \\\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Pizzas } & 100 & \$ 10 & 120 & \$ 12 \\\hline \text { Haircuts } & 50 & 15 & 45 & 20 \\\hline \text { Backpacks } & 200 & 40 & 210 & 45 \\\hline\end{array}$$
-Refer to Table 19-24.Suppose that a very simple economy produces three goods: pizzas,haircuts,and backpacks.Suppose the quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above.Use the information to compute real GDP in the year 2011 and 2016.Calculate real GDP in 2016 assuming the base year is 2011.Do the same calculation assuming the base year is 2016.Are the calculations different? Why?

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Definitions:

Qualitatively New Patterns

refers to the emergence of behaviors or thought processes that are fundamentally different and more complex than previous stages, indicative of developmental progress.

Psychological Characteristics

Traits that describe an individual's mental attributes, patterns of thought, emotions, and behaviors.

Genetic Factors

Components of an organism's genetic makeup that influence its characteristics, including physical appearance, behavior, and susceptibility to certain diseases.

Theories

Systematic sets of ideas and principles designed to explain certain phenomena or observations, which are supported by evidence and can predict outcomes or behaviors.