3 ProductionYear1 Year 2 Year 3Good X50 50 60Good Y 100 120 140Select one:Assume that this economy produces only two goods Good X and Good Y. If year 1is the base year, the value for this economy's GDP deflator in year 2 isa. 92.4PricesO b. 105C. 84.5O d. 108.2Year 1 Year 2 Year$1.00 $1.20 $1.20$0.60 $0.60 $1.00

The value of all finished goods and services produced in any nation over a specific time period,…

Business

Economics

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Production
Year1 Year 2 Year 3
Good X
50 50 60
Good Y 100 120 140
Select one:
Assume that this economy produces only two goods Good X and Good Y. If year 1
is the base year, the value for this economy's GDP deflator in year 2 is
a. 92.4
Prices
O b. 105
C. 84.5
O d. 108.2
Year 1 Year 2 Year
$1.00 $1.20 $1.20
$0.60 $0.60 $1.00

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