For the next questions, suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year. Using the information in the table, nominal GDP for this simple economy in year 1 equals ETTTT Quantity (Year 1) Quantity (Year 2) Product Price (Year 1) Price (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 5 150 6 Cheese 50 2 75 3 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 2250 b 4150 2350 d 2700
For the next questions, suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year. Using the information in the table, nominal GDP for this simple economy in year 1 equals ETTTT Quantity (Year 1) Quantity (Year 2) Product Price (Year 1) Price (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 5 150 6 Cheese 50 2 75 3 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 2250 b 4150 2350 d 2700
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 4CQ
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