Table 6. 1 -Using Table 6.1 Calculate Real GDP for 1988 Using 1987

question 18

Essay

Table 6. 1
-Using Table 6.1 calculate real GDP for 1988 using 1987 as the base year.

---

Definitions:

Party Authority

The legal power or capacity of a party to enter into a binding contract or agreement.

Act On Behalf

The action of representing or making decisions for someone else or another entity.

Drawer

The person who writes or drafts a negotiable instrument, such as a check, directing the bank to pay the specified amount to the party named in the document.

Acceptor

A person (drawee) who accepts and signs a draft to agree to pay the draft when it is presented.