Using the information in the table, nominal GDP in this simple economy in year 2 equals Quantity Quantity Product Price (Year 1) Price (Year 2) (Year 1) (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 150 6. Cheese 50 2 75 3
Using the information in the table, nominal GDP in this simple economy in year 2 equals Quantity Quantity Product Price (Year 1) Price (Year 2) (Year 1) (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 150 6. Cheese 50 2 75 3
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 3QP
Related questions
Question
Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year.
![Using the information in the table, nominal GDP in this simple economy in year 2 equals
ETTIT
Quantity
(Year 1)
Quantity
Product
Price (Year 1)
Price (Year 2)
(Year 2)
Cars
50
25
100
30
Homes
10
50
15
60
Cheeseburgers
100
5
150
6
Cheese
50
2
75
3
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
a
4150
b
5025
4800
d
2700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa8c71cc0-568f-45ef-ba44-d634eb638e87%2F38666714-0411-439b-9e85-90a1c28d1e99%2Fcu76t5xm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Using the information in the table, nominal GDP in this simple economy in year 2 equals
ETTIT
Quantity
(Year 1)
Quantity
Product
Price (Year 1)
Price (Year 2)
(Year 2)
Cars
50
25
100
30
Homes
10
50
15
60
Cheeseburgers
100
5
150
6
Cheese
50
2
75
3
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
a
4150
b
5025
4800
d
2700
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