1 EconomicsPlease answer each questionA country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 unitsof the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2.Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country inYear 1 wasA. $1,400,000B. $280,000OC. $540,000OD. $2,200,000A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 unitsof the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2.Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the country inYear 1 wasA. $540,000B. $280,000OC. $1,400,000D. $2,200,000A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 unitsof the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2.Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country inYear 2 wasOA. $1,680,000B. $240,000OC. $32,000,000OD. $1,420,000A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 unitsof the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2.Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the countryfor Year 2 wasA. $180,000B. $1,920,000OC. $2,510,000D. $174,000A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 unitsof the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2.Suppose Year 1 is taken as the base year for the calculation of GDP. Real GDP of the country hasgrown byA. 0.2%B. 20%OC. 10%D. 5%A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 unitsof the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2.Suppose Year 1 is taken as the base year for the calculation of GDP. The GDP deflator for Year 2 isA. 114.3OB. 0.14OC. 240D. 87.5

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A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 1 was A. $1,400,000 B. $280,000 C. $540,000 D. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The nominal GDP of the country in Year 1 was A. $540,000 B. $280,000 OC. $1,400,000 D. $2,200,000 A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. The real GDP of the country in Year 2 was A. $1,680,000 B. $240,000 OC. $32,000,000 D. $1,420,000