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A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 1 was A. $1,400,000 B. $280,000 C. $540,000 D. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the country in Year 1 was A. $540,000 B. $280,000 OC. $1,400,000 D. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 2 was A. $1,680,000 B. $240,000 OC. $32,000,000 D. $1,420,000

A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 1 was A. $1,400,000 B. $280,000 C. $540,000 D. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the country in Year 1 was A. $540,000 B. $280,000 OC. $1,400,000 D. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 2 was A. $1,680,000 B. $240,000 OC. $32,000,000 D. $1,420,000

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
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Economics Please answer each question A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 1 was A. $1,400,000 B. $280,000 OC. $540,000 OD. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the country in Year 1 was A. $540,000 B. $280,000 OC. $1,400,000 D. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 2 was OA. $1,680,000 B. $240,000 OC. $32,000,000 OD. $1,420,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the country for Year 2 was A. $180,000 B. $1,920,000 OC. $2,510,000 D. $174,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. Real GDP of the country has grown by A. 0.2% B. 20% OC. 10% D. 5% A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The GDP deflator for Year 2 is A. 114.3 OB. 0.14 OC. 240 D. 87.5
Transcribed Image Text:Economics Please answer each question A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 1 was A. $1,400,000 B. $280,000 OC. $540,000 OD. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the country in Year 1 was A. $540,000 B. $280,000 OC. $1,400,000 D. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 2 was OA. $1,680,000 B. $240,000 OC. $32,000,000 OD. $1,420,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the country for Year 2 was A. $180,000 B. $1,920,000 OC. $2,510,000 D. $174,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. Real GDP of the country has grown by A. 0.2% B. 20% OC. 10% D. 5% A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The GDP deflator for Year 2 is A. 114.3 OB. 0.14 OC. 240 D. 87.5
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