13. Assume that we compute current dollar GDP for 2021Q2 and find that it rose from 2020Q2. But we also find that general prices rose over the same period the same amount, 2%. Is the country better off, worse off, or about the same when it comes to output? Explain

13. Assume that we compute current dollar GDP for 2021Q2 and find that it rose from 2020Q2. But we also find that general prices rose over the same period the same amount, 2%. Is the country better off, worse off, or about the same when it comes to output? Explain

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

13. Assume that we compute current dollar GDP for 2021Q2 and find that it rose 2%
from 2020Q2. But we also find that general prices rose over the same period by
the same amount, 2%. Is the country better off, worse off, or about the same
when it comes to output? Explain.

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