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Year 1 2 3 4 5 Unit $3 4 5 7 8 Assume an economy makes only one product and that year 3 is the base year. Output and price data for a five-year period are shown in the table. The nominal GDP for year 5 is Multiple Choice O Units of Price Per Output 3 4 6 7 8 O O $16 $88 $640 $64

Year 1 2 3 4 5 Unit $3 4 5 7 8 Assume an economy makes only one product and that year 3 is the base year. Output and price data for a five-year period are shown in the table. The nominal GDP for year 5 is Multiple Choice O Units of Price Per Output 3 4 6 7 8 O O $16 $88 $640 $64

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Year 1 2 3 4 5 Units of Price Per Output 3 4 6 7 8 5 7 8 Assume an economy makes only one product and that year 3 is the base year. Output and price data for a five-year period are shown in the table. The nominal GDP for year 5 is Multiple Choice $16 $88 $640 Unit $ 3 4 $64
Transcribed Image Text:Year 1 2 3 4 5 Units of Price Per Output 3 4 6 7 8 5 7 8 Assume an economy makes only one product and that year 3 is the base year. Output and price data for a five-year period are shown in the table. The nominal GDP for year 5 is Multiple Choice $16 $88 $640 Unit $ 3 4 $64
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