the annual output and prices of a 3-good economy are shown in the table below. Good Price year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Quarts of ice cream $ 4.00 3 $ 4.00 5 Bottles of shampoo 3.00 1 3.00 2 Jars of peanut butter 2.00 3 2.00 2 instructions: enetr your answers as whole numbers. What was the economy's GDP in year 1? What was its GDP in year 2?

the annual output and prices of a 3-good economy are shown in the table below. Good Price year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Quarts of ice cream $ 4.00 3 $ 4.00 5 Bottles of shampoo 3.00 1 3.00 2 Jars of peanut butter 2.00 3 2.00 2 instructions: enetr your answers as whole numbers. What was the economy's GDP in year 1? What was its GDP in year 2?

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

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Good	Price year 1	Quantity of Goods Year 1	Price Year 2	Quantity of Goods Year 2
Quarts of ice cream	$ 4.00	3	$ 4.00	5
Bottles of shampoo	3.00	1	3.00	2
Jars of peanut butter	2.00	3	2.00	2