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Table 4.2 Product Quantity Price Shoe 40 $60.00 DVD 100 18.00 Tomatoes Ketchup 2,000 300 1.00 4.00 40) Refer to Table 4.2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals A) $83.00. B) $5,800. C) $7,400. D) $6,400.

Table 4.2 Product Quantity Price Shoe 40 $60.00 DVD 100 18.00 Tomatoes Ketchup 2,000 300 1.00 4.00 40) Refer to Table 4.2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals A) $83.00. B) $5,800. C) $7,400. D) $6,400.

Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
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Table 4.2 Product Quantity Price Shoe 40 $60.00 DVD 100 18.00 Tomatoes Ketchup 2,000 300 1.00 4.00 40) Refer to Table 4.2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals A) $83.00. B) $5,800. C) $7,400. D) $6,400.
Transcribed Image Text:Table 4.2 Product Quantity Price Shoe 40 $60.00 DVD 100 18.00 Tomatoes Ketchup 2,000 300 1.00 4.00 40) Refer to Table 4.2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals A) $83.00. B) $5,800. C) $7,400. D) $6,400.
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