Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year. Using the information in the table, nominal GDP in this simple economy in year 2 equalsETTITQuantity(Year 1)QuantityProductPrice (Year 1)Price (Year 2)(Year 2)Cars502510030Homes10501560Cheeseburgers10051506Cheese502753Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.a4150b50254800d2700

Gross domestic product (GDP) is the sum total of all the market value of goods and services which…

Using the information in the table, nominal GDP in this simple economy in year 2 equals Quantity Quantity Product Price (Year 1) Price (Year 2) (Year 1) (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 150 6. Cheese 50 2 75 3

Using the information in the table, nominal GDP in this simple economy in year 2 equals Quantity Quantity Product Price (Year 1) Price (Year 2) (Year 1) (Year 2) Cars 50 25 100 30 Homes 10 50 15 60 Cheeseburgers 100 150 6. Cheese 50 2 75 3

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 3QP

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Question

Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year.

Using the information in the table, nominal GDP in this simple economy in year 2 equals
ETTIT
Quantity
(Year 1)
Quantity
Product
Price (Year 1)
Price (Year 2)
(Year 2)
Cars
50
25
100
30
Homes
10
50
15
60
Cheeseburgers
100
5
150
6
Cheese
50
2
75
3
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
a
4150
b
5025
4800
d
2700

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