EXERCICE 2: Nominal GDP vs Real GDP: Refer to the information provided in Table below to answer the questions that follow. Production Prices Year3 Year 1 Year 2 20 40 Yearl Year 2 Year3 35 Good X 45 Good Y 90 30 60 30 25 75 60 50

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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  • Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is:

A-       =4500

B-         =4000

C-     =6000

D-   = 8000

 

  • Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is:

A-       =2000

B-          =4625

C-      = 6400

D-      =8500

 

EXERCICE 2: Nominal GDP vs Real GDP:
Refer to the information provided in Table below to answer the questions that follow.
Production
Prices
Year3 Year 1
25
20
Yearl
Year 2
Year 2
Year3
Good X 45
Good Y 90
35
30
30
75
60
40
50
60
Transcribed Image Text:EXERCICE 2: Nominal GDP vs Real GDP: Refer to the information provided in Table below to answer the questions that follow. Production Prices Year3 Year 1 25 20 Yearl Year 2 Year 2 Year3 Good X 45 Good Y 90 35 30 30 75 60 40 50 60
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