Suppose firms in Utopia produce only ice cream and chocolate candies. Consider Utopia's production information presented in the table below. Ice cream Chocolate Candies Year Quantity Produced (gallons) Price per gallon Quantity Produced (boxes) Price per candy box 2014 6,000,000 $10 14,000,000 $4 2015 7,000,000 $8.75 16,000,000 $4.75 2016 8,500,000 $8 20,000,000 $5.5 Nominal GDP of Utopia was the highest in __? The real GDP of Utopia in 2016 is higher if ___ is the base year than if ____ is the base year.
Suppose firms in Utopia produce only ice cream and chocolate candies. Consider Utopia's production information presented in the table below. Ice cream Chocolate Candies Year Quantity Produced (gallons) Price per gallon Quantity Produced (boxes) Price per candy box 2014 6,000,000 $10 14,000,000 $4 2015 7,000,000 $8.75 16,000,000 $4.75 2016 8,500,000 $8 20,000,000 $5.5 Nominal GDP of Utopia was the highest in __? The real GDP of Utopia in 2016 is higher if ___ is the base year than if ____ is the base year.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Suppose firms in Utopia produce only ice cream and chocolate candies. Consider Utopia's production information presented in the table below.
|
|
Ice cream
|
Chocolate Candies | ||
|
Year
|
Quantity Produced (gallons)
|
Price per gallon
|
Quantity Produced (boxes)
|
Price per candy box
|
|
2014
|
6,000,000
|
$10
|
14,000,000
|
$4
|
|
2015
|
7,000,000
|
$8.75
|
16,000,000
|
$4.75
|
|
2016
|
8,500,000
|
$8
|
20,000,000
|
$5.5
|
Nominal
The real GDP of Utopia in 2016 is higher if ___ is the base year than if ____ is the base year.
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