The annual output and prices of a three-good economy are shown in the table below.Quantity ofGooda Tear 1Quantity ofGoods Year 2Price Year 2$ 5Price Year 1GoodQuarts of ice creanBottles of shanpooJars of peanut butter6.554.$42.$43.$ 2$2Instructions: 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?

ne annual output and prices of a three-good economy are shown in the table BelOW. Quantity of Goods Tear 1 Quantity of Goods Tear 2 Good Price Year 1 Price Tear 2 $5 6. 4. 2. 4. $ 5 Quarts of ice crean Bottles of shanpoo Jars of peanut butter $4 3. $4 $42 $2 structions: Enter your answers as a whole number. What was the economy's nominal GDP in year 1? What was its nominal GDP in year 2?

ne annual output and prices of a three-good economy are shown in the table BelOW. Quantity of Goods Tear 1 Quantity of Goods Tear 2 Good Price Year 1 Price Tear 2 $5 6. 4. 2. 4. $ 5 Quarts of ice crean Bottles of shanpoo Jars of peanut butter $4 3. $4 $42 $2 structions: Enter your answers as a whole number. What was the economy's nominal GDP in year 1? What was its nominal GDP in year 2?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 6E

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