Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 28P: Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100...
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Question
Consider a simple economy that produces two goods: tacos and hot dogs. The table shows the economy's production over several years. Calculate the real
| Year | Number of tacos | Price of hot dogs (in dollars) | Number of hot dogs | |
|---|---|---|---|---|
| 2007 | 4.00 | 3 | 3.00 | 2 |
| 2008 | 6.00 | 3 | 5.00 | 5 |
| 2009 | 7.00 | 4 | 8.00 | 9 |
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