A simple economy produces two goods, Com Bread and Technical Manuals. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Corn Bread Quantity 125 Technical Manuals 600 In Year 2, nominal GDP is equal to: $, and real GDP is $[ Price Per Unit Production and Prices in Year 2 Quantity 156.25 900.00 Product Corn Bread Technical Manuals (enter both responses rounded to the nearest penny). $3.00 $60.00 Price Per Unit $4.50 $120.00
A simple economy produces two goods, Com Bread and Technical Manuals. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Corn Bread Quantity 125 Technical Manuals 600 In Year 2, nominal GDP is equal to: $, and real GDP is $[ Price Per Unit Production and Prices in Year 2 Quantity 156.25 900.00 Product Corn Bread Technical Manuals (enter both responses rounded to the nearest penny). $3.00 $60.00 Price Per Unit $4.50 $120.00
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
Problem 7QR
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