Subjective Questions on Consider an economy with three final goods industries X Y and Z In 2016 and 2017 the prices per unit........... for Indian Economic Service Preparation

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Subjective Questions

Consider an economy with three final goods industries X Y and Z In 2016 and 2017 the prices per unit...........

Economics -II Concept of National Income and Social Accounting
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    Consider an economy with three final goods industries X, Y and Z. In 2016 and 2017, the prices per unit, p, and outputs q, in units of X, Y, Z, per year were as follows:

      2016 2017
    Industry p q p q
    X 2.00 100 2.50 120
    Y 3.00 50 3.25 60
    Z 1.00 25 2.00 25

    (i) What are the GDP levels in both years in current prices and 2016 prices? 

    (ii) By what percentage has the economy grown in real terms? By what percentage have prices increased ?         (100 words) (5 Marks)

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