The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Quantity of Goods Year 2 Good Quarts of ice cream Bottles of shampoo Jars of peanut butter Price Year 1 $4.00 $3.00 $2.00 Price Year 2 $4.00 $3.00 $2.00 Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? b. What was its nominal GDP in year 2? %2$

The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Quantity of Goods Year 2 Good Quarts of ice cream Bottles of shampoo Jars of peanut butter Price Year 1 $4.00 $3.00 $2.00 Price Year 2 $4.00 $3.00 $2.00 Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? b. What was its nominal GDP in year 2? %2$

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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