Table 8-23 2011 2016

question 174

Essay

Table 8-23
2011 2016

-Refer to Table 8-23.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.Assume that 2011 is the base year.Is output higher in 2016 or 2011? Why?

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Definitions:

Lumbricals

Muscles in the hand and foot that flex the metacarpophalangeal joints and extend the interphalangeal joints.

Posterior Side

The back or rear part of the body or a structure, opposite to the anterior or front.

Adductor Magnus

A large muscle in the thigh that functions to adduct and medially rotate the thigh, playing a key role in stabilizing walking and standing.

Biceps Femoris

A muscle in the thigh part of the hamstring group, involved in knee flexion and hip extension.