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
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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
- 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 |
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