The annual output and prices of a three-good economy are shown in the table below.Quantity ofGooda Tear 1Quantity ofGoods Year 2Price Year 2$ 5Price Year 1GoodQuarts of ice creanBottles of shanpooJars of peanut butter6.554.$42.$43.$ 2$2Instructions: Enter your answers as a whole number.a. What was the economy's nominal GDP in year 1?b. What was its nominal GDP in year 2?

Answer to the question is as follows :

ne annual output and prices of a three-good economy are shown in the table BelOW. Quantity of Goods Tear 1 Quantity of Goods Tear 2 Good Price Year 1 Price Tear 2 $5 6. 4. 2. 4. $ 5 Quarts of ice crean Bottles of shanpoo Jars of peanut butter $4 3. $4 $42 $2 structions: Enter your answers as a whole number. What was the economy's nominal GDP in year 1? What was its nominal GDP in year 2?

ne annual output and prices of a three-good economy are shown in the table BelOW. Quantity of Goods Tear 1 Quantity of Goods Tear 2 Good Price Year 1 Price Tear 2 $5 6. 4. 2. 4. $ 5 Quarts of ice crean Bottles of shanpoo Jars of peanut butter $4 3. $4 $42 $2 structions: Enter your answers as a whole number. What was the economy's nominal GDP in year 1? What was its nominal GDP in year 2?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The annual output and prices of a three-good economy are shown in the table below.
Quantity of
Gooda Tear 1
Quantity of
Goods Year 2
Price Year 2
$ 5
Price Year 1
Good
Quarts of ice crean
Bottles of shanpoo
Jars of peanut butter
6.
55
4.
$4
2.
$4
3.
$ 2
$2
Instructions: Enter your answers as a whole number.
a. What was the economy's nominal GDP in year 1?
b. What was its nominal GDP in year 2?

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