AP Human Geography Portfolio Project
Per Capita GDP = GDP / POPULATION. NOMINAL (Y) vs. REAL (y) GDP. Y 02 = P apples 02 * Q apples 02 + P oranges 02 * Q oranges 02. y 02 = P apples 01 * Q apples 02 + P oranges 01 * Q oranges 02. Base year is 2001 so we use 2001 prices and 2002 quantities. By holding prices constant we measure the actual or real change in total output. ................
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