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
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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Economics
Please answer each question
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
OC. $540,000
OD. $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
OA. $1,680,000
B. $240,000
OC. $32,000,000
OD. $1,420,000
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
for Year 2 was
A. $180,000
B. $1,920,000
OC. $2,510,000
D. $174,000
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. Real GDP of the country has
grown by
A. 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 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 GDP deflator for Year 2 is
A. 114.3
OB. 0.14
OC. 240
D. 87.5
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