02 Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. Year 1 2 3 4 5 Units of Price per Output 8 10 15 18 20 Multiple Choice If year 2 is the base year, then real GDP in year 5 is $60 Unit $2 $30 3 4 5 6

02 Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. Year 1 2 3 4 5 Units of Price per Output 8 10 15 18 20 Multiple Choice If year 2 is the base year, then real GDP in year 5 is $60 Unit $2 $30 3 4 5 6

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter23: Aggregate Demand And Aggregate Supply

Section: Chapter Questions

Problem 1QR

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