Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per-unit prices of these three goods are A = $2, B = $3, and C = $1. Nominal GDP in the current year is

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A: This table shows the data for a hypothetical economy in a specific year . All figures are in…

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A: Gross domestic product (GDP) refers to the total value of all the final goods and services that…

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A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: Nominal GDP: a)   NGDPyear 1=Priceyear 1×Quantityyear 1=($4×3)+($3×1)+($2×3)=$12+$3+$6=$21 Economy's…

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