The annual output and prices of a three-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 Bottles of shampoo Jars of peanut butter $ 5 $ 4 $ 2 $ 5 $ 4 $ 2 4 4 3 Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? es b. What was its nominal GDP in year 2? %24

The annual output and prices of a three-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 Bottles of shampoo Jars of peanut butter $ 5 $ 4 $ 2 $ 5 $ 4 $ 2 4 4 3 Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? es b. What was its nominal GDP in year 2? %24

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Problem 07-01 (algo)
The annual output and prices of a three-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
4.
Bottles of shamp00
$ 4
21
3.
Jars of peanut butter
4
$ 2
Instructions: Enter your answers as a whole number.
a. What was the economy's nominal GDP in year 1?
%24
b. What was its nominal GDP in year 2?
Graw
Hill
Prev
1 of 1
JAN 1
10
N
%24
%24

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