Business, 07.03.2020 03:06 Trishamw04

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?

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Suppose an economy’s entire output is cars. In Year 1, all manufacturers produce cars at $15,000 eac...

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