Question 25☐Suppose that a simple economy produces only four goods and services: cars,homes, cheeseburgers and cheese. Assume all of the cheese are used in theproduction of the cheeseburgers. Also assume that Year 1 is the base year.What is the real GDP in this simple economy i inyear 2?2510030ProductQuantity(Year 1)Price (Year 1)Quantity (Year2)Price (Year 2)Cars50103015Cheeseburgers10051506Cheese501753ETTTTHomes50Selected answer will be automatically saved. For keyboard navigation, press up/down arrowkeys to select an answer.a2750b3700с3775P4875

Gross domestic product is the summation of a country's final goods and services. The increase in GDP…

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. What is the real GDP in this simple economy in year 2? Product Quantity (Year 1) Price (Year 1) Quantity (Year 2) Price (Year 2) 50 25 100 30 ETTTT 10 Homes Cheeseburgers 100 Cheese 50 1 50 30 15 150 6 75 Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a 2750 b 3700 C 3775 d 4875

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. What is the real GDP in this simple economy in year 2? Product Quantity (Year 1) Price (Year 1) Quantity (Year 2) Price (Year 2) 50 25 100 30 ETTTT 10 Homes Cheeseburgers 100 Cheese 50 1 50 30 15 150 6 75 Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a 2750 b 3700 C 3775 d 4875

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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