**Annual Output and Prices in a 3-Good Economy**The annual output and prices of a 3-good economy are shown in the table below:| Good | Price Year 1 | Quantity of Goods Year 1 | Price Year 2 | Quantity of Goods Year 2 ||----------------------|--------------|--------------------------|--------------|--------------------------|| Quarts of ice cream | $6 | 3 | $6 | 5 || Bottles of shampoo | 4 | 1 | 4 | 2 || Jars of peanut butter| 3 | 3 | 3 | 2 |**Instructions:** Enter your answers as whole numbers.a. What was GDP in year 1? ☐b. What was GDP in year 2? ☐

GDP refers to the market value of all final goods and services annually produced within a country

The annual output and prices of a 3-good economy are shown in the table below. Quantity of Goods Year 1 Quantity of Goods Year 2 Good Price Year 1 Price Year 2 Quarts of ice cream $6 $6 Bottles of shampoo 4 1 4 2 Jars of peanut butter 3 3 Instructions: Enter your answers as whole numbers. a. What was GDP in year 1? b. What was GDP in year 2? 2.

The annual output and prices of a 3-good economy are shown in the table below. Quantity of Goods Year 1 Quantity of Goods Year 2 Good Price Year 1 Price Year 2 Quarts of ice cream $6 $6 Bottles of shampoo 4 1 4 2 Jars of peanut butter 3 3 Instructions: Enter your answers as whole numbers. a. What was GDP in year 1? b. What was GDP in year 2? 2.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter3: Economic Decision Makers

Section: Chapter Questions

Problem 1.2P

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TOPIC: The Laffer Curve