OC 7.5%.O D. 6.67%.O E. -3%.QUESTION 20Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in thetable, nominal GDP for this simple economy equalsProductQuantityPriceStrawberries250$1.00Strawberry jam304.00Second hand cars10950.00Tablets85210.00Shirts6018.00O A. $19,300.O B. $19,050.OC. $28,800.O D. $28,550,O E. 435 units.Click Save and Submit to save and submít. Click Save All Answers to save all ansuwers. O D. D) (20/110) x 100.O E. (30/80) x 100.QUESTION 14Gross domestic product is calculated by summing upO A. the total value of final goods and services produced in the economy during a period of time.B. the total quantity of goods and services sold in the economy during a period of time.OC. the total quantity of goods and services produced in the economy during a period of time.O D. the total value of goods and services in the economy during a period of time.O E. the total value of intermediate goods and services sold in the economy during a period of time.QUESTION 15Suppose the labor force stays constant, and the working- age population stays constant, but a greater numrate willO A. increase.

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QUESTION 20 Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in the table, nominal GDP for this simple economy equals Product Quantity 250 Price Strawberries $1.00 Strawberry jam 30 4.00 Second hand cars 10 950.00l Tablets 85 210.00 Shirts 60 18.00 O A. $19,300. O B. $19,050. OC. $28,800. O D. $28,55o. O E. 435 units.

QUESTION 20 Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in the table, nominal GDP for this simple economy equals Product Quantity 250 Price Strawberries $1.00 Strawberry jam 30 4.00 Second hand cars 10 950.00l Tablets 85 210.00 Shirts 60 18.00 O A. $19,300. O B. $19,050. OC. $28,800. O D. $28,55o. O E. 435 units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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