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:

Defamation

Defamation is the act of communicating false statements about a person, damaging their reputation.

Negligently

Acting in a careless or irresponsible manner, failing to take the care that a reasonably prudent person would take in similar circumstances.

Reference

a mention or citation of a source of information or evidence in scholarly work, or a recommendation from someone known to the requester.

Punitive Damages

Monetary compensation awarded to the plaintiff, over and above actual damages, intended to punish the defendant for egregious conduct.