given the following information, calculate nominal GDP, real GDP, and the percentage increase in year two. Be sure to label the answers. Describe what is taking place in the economy. In the base year, 10 new cars were sold at $7,000 each, 20 new office chairs at $1500 each. In year two, 12 new cars were sold at $6,000 each, 22 new office chairs at $3,000.
Can someone go through a step by step process and also label. I'm not sure that I understand this at all. Please help. Thankyou!
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please anyone help!!! Really stuck!
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