Refer to the table below. 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:| | Production | | | Prices | ||-------------|------------|---------|----------|---------|--------|| | Year 1 | Year 2 | Year 3 | Year 1 | Year 2 || Good X | 50 | 50 | 60 | $1.00 | $1.20 || Good Y | 100 | 120 | 140 | $0.60 | $0.60 |Options:- ⭕ 130- ⭕ 110- ⭕ 140- ⭕ 160**Explanation:**The table includes production numbers and prices for two goods (X and Y) over three years. The nominal GDP for Year 1 is calculated by multiplying the production quantities by their respective prices and summing the results for all goods in the economy. For Year 1:- Good X: 50 units × $1.00 = $50- Good Y: 100 units × $0.60 = $60Nominal GDP for Year 1 = $50 + $60 = $110

Nominal GDP is defined as the total production of all goods and services within territory of the…

Answered: Refer to the Table below. Assume that…

ENGR.ECONOMIC ANALYSIS

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OC 7.5%. O D. 6.67%. O E. -3%. 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 Price Strawberries 250 $1.00 Strawberry jam 30 4.00 Second hand cars 10 950.00 Tablets 85 210.00 Shirts 60 18.00 O 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.
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Refer to the Table below. 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 Production Prices Year 1 Year 2 Year 3 Year 1 Year Good X 50 50 60 $1.00 $1.20 Good Y 100 120 140 $0.60 $0.60 130 О 110 140 O 160