Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year: Product 2020 Quantity 2020 Price 2021 Quantity 2021 Price Beer 7 $2.2 12 $3.2 Chocolate 7 $1.4 11 $1.7 What was the nominal GDP in 2020? a. $41.80 b. $57.10 c. $34.30 d. $25.20 Clear my choice
Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year: Product 2020 Quantity 2020 Price 2021 Quantity 2021 Price Beer 7 $2.2 12 $3.2 Chocolate 7 $1.4 11 $1.7 What was the nominal GDP in 2020? a. $41.80 b. $57.10 c. $34.30 d. $25.20 Clear my choice
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section7.4: Real Gdp
Problem 2ST
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Question
Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year:
What was the nominalGDP in 2020?
Product | 2020 Quantity | 2020 |
2021 Quantity | 2021 Price |
---|---|---|---|---|
Beer | 7 | $2.2 | 12 | $3.2 |
Chocolate | 7 | $1.4 | 11 | $1.7 |
What was the nominal
a.
$41.80
b.
$57.10
c.
$34.30
d.
$25.20
Clear my choice
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