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
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter1: Ten Principles Of Economics
Section: Chapter Questions
Problem 1PA
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![board of ec X C Infinite Campus
y big sandy community co X
5) MyPath- Home
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0410a926-0105-42ff-9636-fba45e5eddcc%2F41c48b99-3d73-4aa9-8ffd-d04b19da2bd0%2F6ne6pac_processed.jpeg&w=3840&q=75)
Transcribed Image Text:board of ec X C Infinite Campus
y big sandy community co X
5) MyPath- Home
https://ezto.mheducation.com/ext/map/index.html?_con3con&external_browser%=D0&launchUrl=
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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