Consider the following table for the economy of a nation whose residents produce four final goods: 2023 Good Computers Bananas Televisions Cookies a. Assume 2023 as the base year. Calculate nominal GDP for 2022. Calculate nominal GDP for 2023. 2022 Price $1,047.00 $5.00 $90.00 $1.00 Quantity 12 3,355 522 9,092 Price $887.00 $10.00 $160.00 $2.00 Quantity 14 839 278 9,029
Consider the following table for the economy of a nation whose residents produce four final goods: 2023 Good Computers Bananas Televisions Cookies a. Assume 2023 as the base year. Calculate nominal GDP for 2022. Calculate nominal GDP for 2023. 2022 Price $1,047.00 $5.00 $90.00 $1.00 Quantity 12 3,355 522 9,092 Price $887.00 $10.00 $160.00 $2.00 Quantity 14 839 278 9,029
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 19RQ: List some of the reasons why economists should not consider GDP an effective measure of the standard...
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![Consider the following table for the economy of a nation whose residents produce four final goods:
2023
Good
Computers
Bananas
Televisions
Cookies
a. Assume 2023 as the base year.
Calculate nominal GDP for 2022.
Calculate nominal GDP for 2023. $
2022
Price
$1,047.00
$5.00
$90.00
$1.00
Quantity
12
3,355
522
9,092
Price
$887.00
$10.00
$160.00
$2.00
Quantity
14
839
278
9,029](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F11e35dd3-9d91-4c9a-bc6f-05bbe8f989e7%2F44e6b392-9358-4e11-930d-9a4ef28d352c%2Fz7h132k_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:
2023
Good
Computers
Bananas
Televisions
Cookies
a. Assume 2023 as the base year.
Calculate nominal GDP for 2022.
Calculate nominal GDP for 2023. $
2022
Price
$1,047.00
$5.00
$90.00
$1.00
Quantity
12
3,355
522
9,092
Price
$887.00
$10.00
$160.00
$2.00
Quantity
14
839
278
9,029
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