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Suppose an economy’s entire output is cars. In Year 1, all manufacturers produce cars at $15,000 each; the real GDP is $300,000. In Year 2, 20 cars are produced at $16,000 each.?
What is the real GDP in Year 2? (Hint: Find out how many cars were made in year 1 by dividing the total values of all cars by their individual costs)
MeGustaCulo
The real GDP in the year 2 is $300,000.
MeGustaCulo
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