Refer to the information provided in TableTablePricesProductionYear 1 Year 2 Year 350Year 1 Year 2 Year 3$1.20$1.0060$1.00$1.20Good X 50Good Y 100120140$0.60$0.60Refer to Table Assume that this economy produces only two goods Good Xand Good Y.The value for this economy's nominal GDP in year 1 isSelect one:a. $130b. $160O C. $110d. $160

Given the 1st year price of good x = $1 The 1st year price of good y = $0.60

Refer to the information provided in Table Table Production Prices Year 1 Year 2 50 Year 3 Year 1 Year 2 Year 3 Good X 50 Good Y 100 $1.00 $0.60 $1.20 $0.60 60 $1.20 120 140 $1.00 Refer to Table 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

Refer to the information provided in Table Table Production Prices Year 1 Year 2 50 Year 3 Year 1 Year 2 Year 3 Good X 50 Good Y 100 $1.00 $0.60 $1.20 $0.60 60 $1.20 120 140 $1.00 Refer to Table 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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Review View Design Layout References Mailings Page Layout Assignment Questions: 1. Calculate the GDP by using both formulas, expenditure approach and income approach. Also calculate the Real GDP if CP1 for Year1 is 120 and CPI for Year 2 is 150 Million $ YEAR 1 Consumption Indirect Taxes 6,200 200 1,600 800 Investment Depreciation Interest 400 500 500 Corporate Profit Exports Compensation of Employees Government Purchases 6,300 1,000 800 Direct Taxes 1,100 700 Saving Imports Rent 400 Million $ YEAR 2 Government Purchases 2500 Wages 4000 Interest 500 Proprietor's Income Consumption Depreciation Investment 2000 3000 200 1500 Indirect Taxes 300 700 Savings Imports 9000 dow Rent 1000 Еxports 10000 Hail English (U.S.)
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