Consider the following table for the economy of a nation whose residents produce four final goods: 2022 2023 Good Price Quantity Price Quantity $ 821.00 $11.00 $151.00 $2.00 Computers $1,063.00 $8.00 9 15 3,202 503 1,402 328 9,886 Bananas Televisions $98.00 Cookies $1.00 10,359 a. Assume 2023 as the base year. Calculate nominal GDP for 2022. $ Calculate nominal GDP for 2023.
Consider the following table for the economy of a nation whose residents produce four final goods: 2022 2023 Good Price Quantity Price Quantity $ 821.00 $11.00 $151.00 $2.00 Computers $1,063.00 $8.00 9 15 3,202 503 1,402 328 9,886 Bananas Televisions $98.00 Cookies $1.00 10,359 a. Assume 2023 as the base year. Calculate nominal GDP for 2022. $ Calculate nominal GDP for 2023.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Consider the following table for the economy of a nation whose residents produce four final goods:
2022
2023
Good
Price
Quantity
Price
Quantity
$1,063.00
$8.00
$98.00
$1.00
$ 821.00
$11.00
$151.00
$2.00
Computers
9
15
3,202
503
10,359
Bananas
1,402
328
9,886
Televisions
Cookies
a. Assume 2023 as the base year.
Calculate nominal GDP for 2022. $
Calculate nominal GDP for 2023. $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F34b06b3a-cf06-42fd-a4ac-3963b5656154%2F1f1f7a85-c459-4977-914d-289e66ceb338%2Fhzewtk7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider the following table for the economy of a nation whose residents produce four final goods:
2022
2023
Good
Price
Quantity
Price
Quantity
$1,063.00
$8.00
$98.00
$1.00
$ 821.00
$11.00
$151.00
$2.00
Computers
9
15
3,202
503
10,359
Bananas
1,402
328
9,886
Televisions
Cookies
a. Assume 2023 as the base year.
Calculate nominal GDP for 2022. $
Calculate nominal GDP for 2023. $
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