explains it correctly QUESTION 14Imagine an economy that produces only one good, say widgets. In year 1, it produced 10 widgets widget (which sold for $10 cach) and in year two inproduced 8 widgets (which sold for $15 each). From year one to year 2, that economy's nominal GDP went A)(up/down -enter number fram sheet, not the word) and it's real GDP went B)(up/down - enter number from sheet, not the word).QUESTION 15The GDP may actually understate the actual level of output in the economy by from five to thirty percent, That's because people have an incentive to avoidtaxes or produce illegal goods and services in the A)economy.QUESTION 16Imagine a hypothetical economy with a population of 100 people, 80 of which over sixteen. Forty eight of these people who are working and twelvepeople who are willing, able and looking for work cannot find jobs. The unemployment rate in this economy is A)percentage as a whole number, not a decimal, no percentage sign). Suppose that 10 of those unemployed people get discouraged and give up looking for work. Now,the unemployment rate is B)% (enter% (enter percentage as a whole number, not a decimal, no percentage sign).

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QUESTION 14 Imagine an economy that produces only one good, say widgets. In year 1, it produced 10 widgets widget (which sold for $10 cach) and in year two in produced 8 widgets (which sold for $15 each). From year one to year 2, that economy's nominal GDP went A) (up/down - enter number fram sheet, not the ward) and it's real GDP went B) (up/down - enter number from sheet, not the word).

QUESTION 14 Imagine an economy that produces only one good, say widgets. In year 1, it produced 10 widgets widget (which sold for $10 cach) and in year two in produced 8 widgets (which sold for $15 each). From year one to year 2, that economy's nominal GDP went A) (up/down - enter number fram sheet, not the ward) and it's real GDP went B) (up/down - enter number from sheet, not the word).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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