I was having trouble with this question: If the nominal GDP is $559 billion in the base year, and it rises to 577 in Year 1, and 605 in Year 2, what is the real GDP in each year, given that the price index has risen from 100 to 104.5 in the first year and up to 108.3 in the second year? If the price index 20 years before the base year was 41.2, and the nominal GDP for 20 years before the base year was 191.0, what was the real GDP for that year? Show your work in all cases.

Hello,How do we relate the actions of China with Economic theory? Do we call this anti free trade or protectionism, as per the dependance theorists. A combination of foreign participation and government protection leading to a self sustaining development path?What do you feel? Is it the reluctance of Chinese Government to hand over economic power to multinationals, thereby allowing redistribution of resources to weaker areas?I see that recently China has undertaken a massive drive to industralize its internal areas. Traditionally, the coastal areas was where development took place. Shanghai, Guangzhou (pardon my spellings!) were isolated centers of development but now mainland China is setting up large Coke based petrochemical plants and feeder industries to support the economic growth.Would MNC’s have allowed such investments in weaker areas that show little potential for returns in the short time frame?Thanks.

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