For the next questions, suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year. Using the information in the table, nominal GDP for this simple economy in year 1 equals ETTTT Quantity (Year 1) Quantity (Year 2) Product Price (Year 1) Price (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 5 150 6 Cheese 50 2 75 3 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 2250 b 4150 2350 d 2700

For the next questions, suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year. Using the information in the table, nominal GDP for this simple economy in year 1 equals ETTTT Quantity (Year 1) Quantity (Year 2) Product Price (Year 1) Price (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 5 150 6 Cheese 50 2 75 3 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 2250 b 4150 2350 d 2700

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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