Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.50 1500 $10.00 5000 2014 $7.50 1500 $15.00 4000 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $58,250. Use the information in the table to answer the questions. What is nominal GDP in 2014? $ What is real GDP in 2014? Use 2013 as the base year. $ Real output from 2013 to 2014 has decreased. increased. stayed the same. experienced inflation.
Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.50 1500 $10.00 5000 2014 $7.50 1500 $15.00 4000 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $58,250. Use the information in the table to answer the questions. What is nominal GDP in 2014? $ What is real GDP in 2014? Use 2013 as the base year. $ Real output from 2013 to 2014 has decreased. increased. stayed the same. experienced inflation.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Consider the table.
Shirts | Pants | |||
---|---|---|---|---|
Year | Price | Quantity | Price | Quantity |
2013 | $5.50 | 1500 | $10.00 | 5000 |
2014 | $7.50 | 1500 | $15.00 | 4000 |
The table contains prices and output for a two good economy. Nominal and real
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 2013 as the base year.
$
Real output from 2013 to 2014 has
decreased.
increased.
stayed the same.
experienced inflation.
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