Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2009, then the nominal GDP for 2017 equals: O 18672.5 O8250 O8750 2009 Statistics Quantity 100 85 60 11,000 104025 Price $52.00 3.00 35.00 0.85 2016 Statistics Quantity 115 120 55 10,000 Price $65.00 3.00 30.00 0.70 2017 Statistics Quantity Price $70.00 3.50 30.00 0.75 110 135 75 11,000 If the base year is the year

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2009, then the nominal GDP for 2017 equals: O 18672.5 O8250 O8750 2009 Statistics Quantity 100 85 60 11,000 104025 Price $52.00 3.00 35.00 0.85 2016 Statistics Quantity 115 120 55 10,000 Price $65.00 3.00 30.00 0.70 2017 Statistics Quantity Price $70.00 3.50 30.00 0.75 110 135 75 11,000 If the base year is the year

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton.
Further, assume that all of the cotton is used to produce shirts.
Product
Shoes
Hamburgers
Shirts
Cotton
2009, then the nominal GDP for 2017 equals:
O 18672.5
O 8250
O8750
2009 Statistics
Quantity
100
85
60
11,000
O 10422.5
Price
$52.00
3.00
35.00
0.85
2016 Statistics
Quantity
115
120
55
10,000
Price
$65.00
3.00
30.00
0.70
2017 Statistics
Quantity
110
135
75
11,000
Price
$70.00
3.50
30.00
0.75
If the base year is the year

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46
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