Suppose that a simple economy produces only three goods and services: sweatshirts, dental examinations, coffee drinks. Using the information in the table below, calculate the nominal GDP for this simple economy Product Quantity Price Sweatshirts 50 $35.00 Dental examinations 40 75.00 Coffee drinks 1,000 4.00

Suppose that a simple economy produces only three goods and services: sweatshirts, dental examinations, coffee drinks. Using the information in the table below, calculate the nominal GDP for this simple economy Product Quantity Price Sweatshirts 50 $35.00 Dental examinations 40 75.00 Coffee drinks 1,000 4.00

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 1.1P

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