Three goods are produced and consumed in an economy during years 1 and 2. The table showsprices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The baseyear is year 1.GoodP1Q1P2Q2Milk$4(gallons)20$4.2022Chicken$2|(pounds)30$2.2034Onions$3|(bags)10$3.6012Enter whole numbers in each blank. Round to the nearest whole number as necessary. Do notenter commas or percent signs.Nominal GDP in year 1 isReal GDP in year 2 is

Nominal GDP is calculated including the effect of inflation at the current year prices. Real GDP is…

Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1. Good P1 Q1 P2 Q2 Milk 22 $4 (gallons) 20 $4.20 Chicken $2 (pounds) 30 $2.20 34 Onions $3 |(bags) 10 $3.60 |12 Enter whole numbers in each blank. Round to the nearest whole number as necessary. Do not enter commas or percent signs. Nominal GDP in year 1 is Real GDP in year 2 is

Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1. Good P1 Q1 P2 Q2 Milk 22 $4 (gallons) 20 $4.20 Chicken $2 (pounds) 30 $2.20 34 Onions $3 |(bags) 10 $3.60 |12 Enter whole numbers in each blank. Round to the nearest whole number as necessary. Do not enter commas or percent signs. Nominal GDP in year 1 is Real GDP in year 2 is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Three goods are produced and consumed in an economy during years 1 and 2. The table shows
prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base
year is year 1.
Good
P1
Q1
P2
Q2
Milk
$4
(gallons)
20
$4.20
22
Chicken
$2
|(pounds)
30
$2.20
34
Onions
$3
|(bags)
10
$3.60
12
Enter whole numbers in each blank. Round to the nearest whole number as necessary. Do not
enter commas or percent signs.
Nominal GDP in year 1 is
Real GDP in year 2 is

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