The following is production data: Orange Orange Toaster Toaster Waffles Waffles Year (Quantity) (Price) Juice Juice Ovens Ovens (Quantity) (Price) (Quantity) (Price) 2010 2000 $1.20 400 $5 280 $22 2011 2200 $1.30 410 $5 300 $25 2012 2500 $1.40 420 $6 300 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 150 waffles, 20 units of orange juice and 4 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me nominal GDP for 2012 for this economy.

Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:William J. Baumol, Alan S. Blinder
Chapter8: Aggregate Demand And The Powerful Consumer
Section8.A: National Income Accounting
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The following is production data:
Waffles Waffles
Orange Orange Toaster Toaster
Year
(Quantity) (Price)
Juice
Juice
Ovens
Ovens
(Quantity) (Price) (Quantity) (Price)
2010
2000
$1.20
400
$5
280
$22
2011
2200
$1.30
410
$5
300
$25
2012 2500
$1.40
420
$6
300
$28
The above, like I said, is production data. Consumption data is as follows: the average citizen
consumes 150 waffles, 20 units of orange juice and 4 toaster ovens. 2010 is the base year for all
calculations.
Carefully following all directions for entering your answer, tell me nominal GDP for 2012 for this
economy.
Transcribed Image Text:The following is production data: Waffles Waffles Orange Orange Toaster Toaster Year (Quantity) (Price) Juice Juice Ovens Ovens (Quantity) (Price) (Quantity) (Price) 2010 2000 $1.20 400 $5 280 $22 2011 2200 $1.30 410 $5 300 $25 2012 2500 $1.40 420 $6 300 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 150 waffles, 20 units of orange juice and 4 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me nominal GDP for 2012 for this economy.
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