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Units of Price Per Unit Output 3 Year $3 4 4 7 7 8 8 Refer to the above data. Assume an economy that is producing only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the next question(s) on the basis of these data. The nominal GDP for year 4 is: 1) $49. 2) $35. 3) $55. 4) $40. 12 3 45

Units of Price Per Unit Output 3 Year $3 4 4 7 7 8 8 Refer to the above data. Assume an economy that is producing only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the next question(s) on the basis of these data. The nominal GDP for year 4 is: 1) $49. 2) $35. 3) $55. 4) $40. 12 3 45

Brief Principles of Macroeconomics (MindTap Course List)
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 6PA
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Units of Price Per Unit Output 3 Year $3 4 4 6 5 7 7 Refer to the above data. Assume an economy that is producing only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the next question(s) on the basis of these data. The nominal GDP for year 4 is: 1) $49. 2) $35. 3) $55. 4) $40. 12 3 45
Transcribed Image Text:Units of Price Per Unit Output 3 Year $3 4 4 6 5 7 7 Refer to the above data. Assume an economy that is producing only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the next question(s) on the basis of these data. The nominal GDP for year 4 is: 1) $49. 2) $35. 3) $55. 4) $40. 12 3 45
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