Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf ·...
Transcript of Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf ·...
![Page 1: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/1.jpg)
![Page 2: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/2.jpg)
o
o
o
o
![Page 3: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/3.jpg)
![Page 4: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/4.jpg)
Y = C + I +G + NX
![Page 5: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/5.jpg)
o
o
o
o
Y = C + I +G + X M
o
o
o
o
o
o
o
![Page 6: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/6.jpg)
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
![Page 7: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/7.jpg)
GDP Deflator = Nominal GDP
Real GDP100
o
o
o
o
o
o
![Page 8: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/8.jpg)
CPI =Cost of the Basket in the Current Year
Cost of the Basket in a Base Year100
![Page 9: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/9.jpg)
Inflation Rate =CPI in Current Year CPI in Previous Year
CPI in Previous Year100
![Page 10: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/10.jpg)
Number of Baskets Bought by Ruth in 1931 =$80,000 in 1931
Cost of Each Basket in 1931
![Page 11: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/11.jpg)
2007 Cost of the Baskets Bought by Ruth in 1931
= Cost of Each Basket in 2007 Number of Baskets Bought by Ruth in 1931
= Cost of Each Basket in 2007$80,000 in 1931
Cost of Each Basket in 1931
2007 Cost of the Baskets Bought by Ruth in 1931
=Cost of Each Basket in 2007
Cost of Each Basket in a Base Year100
Cost of Each Basket in a Base Year
Cost of Each Basket in 1931
1
100$80,000 in 1931
2007 Cost of the Baskets Bought by Ruth in 1931 =CPI in 2007
CPI in 1931$80,000 in 1931
Value in this Year's Dollars = Value in a Past Year's DollarsCPI This Year
CPI in the Past Year
Value of Ruth's Salary in 2007 Dollars = $80,000 in 1931 Dollars207
15.2= $1,089,474
Value of Hoover's Salary in 2007 Dollars = $75,000 in 1931 Dollars207
15.2= $1,021,382
![Page 12: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/12.jpg)
Real Interest Rate = Nominal Interest Rate Inflation Rate
![Page 13: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/13.jpg)
![Page 14: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/14.jpg)
![Page 15: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/15.jpg)
![Page 16: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/16.jpg)
![Page 17: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/17.jpg)
![Page 18: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/18.jpg)
![Page 19: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/19.jpg)
![Page 20: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/20.jpg)
![Page 21: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/21.jpg)
![Page 22: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/22.jpg)
![Page 23: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/23.jpg)
![Page 24: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/24.jpg)
![Page 25: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/25.jpg)
![Page 26: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/26.jpg)
![Page 27: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/27.jpg)
![Page 28: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/28.jpg)
![Page 29: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/29.jpg)
![Page 30: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/30.jpg)
![Page 31: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/31.jpg)
![Page 32: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/32.jpg)
Labor Force = Number of Employed + Number of Unemployed
Unemployment Rate =Number of Unemployed
Labor Force100
Labor Force Participation Rate =Labor Force
Adult Population100
![Page 33: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/33.jpg)
![Page 34: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/34.jpg)
![Page 35: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/35.jpg)
![Page 36: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/36.jpg)
![Page 37: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/37.jpg)
![Page 38: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/38.jpg)
![Page 39: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/39.jpg)
o
o
o
![Page 40: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/40.jpg)
![Page 41: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/41.jpg)
![Page 42: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/42.jpg)
![Page 43: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/43.jpg)
![Page 44: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/44.jpg)
![Page 45: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/45.jpg)
![Page 46: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/46.jpg)
![Page 47: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/47.jpg)
![Page 48: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/48.jpg)
![Page 49: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/49.jpg)
![Page 50: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/50.jpg)
![Page 51: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/51.jpg)
![Page 52: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/52.jpg)
![Page 53: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/53.jpg)
![Page 54: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/54.jpg)
![Page 55: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/55.jpg)
![Page 56: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/56.jpg)
![Page 57: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/57.jpg)
![Page 58: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/58.jpg)
![Page 59: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/59.jpg)
P =dollars
basket of goods
1
P=
baskets of goods
dollars
![Page 60: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/60.jpg)
o
o
![Page 61: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/61.jpg)
![Page 62: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/62.jpg)
![Page 63: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/63.jpg)
![Page 64: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/64.jpg)
![Page 65: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/65.jpg)
o
o
![Page 66: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/66.jpg)
![Page 67: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/67.jpg)
![Page 68: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/68.jpg)
![Page 69: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/69.jpg)
![Page 70: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/70.jpg)
![Page 71: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/71.jpg)
![Page 72: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/72.jpg)
![Page 73: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/73.jpg)
![Page 74: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/74.jpg)
![Page 75: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/75.jpg)
![Page 76: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/76.jpg)
![Page 77: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/77.jpg)
![Page 78: Complete Set of Unrevised Notes from Spring 2010 (pdf)irelandp.com/ec132/notes/notes2010s.pdf · Ch.23: Measuring a Nation's Income Author: Peter Ireland Created Date: 12/17/2009](https://reader034.fdocuments.in/reader034/viewer/2022042801/5ad8ce2d7f8b9a3e578dd2f8/html5/thumbnails/78.jpg)