Suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year. What is the real GDP in this simple economy in year 2? Product Quantity (Year 1) Price (Year 1) Quantity (Year 2) Price (Year 2) 50 25 100 30 ETTTT 10 Homes Cheeseburgers 100 Cheese 50 1 50 30 15 150 6 75 Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a 2750 b 3700 C 3775 d 4875
Suppose that a simple economy produces only four goods and services: cars, homes, cheeseburgers and cheese. Assume all of the cheese are used in the production of the cheeseburgers. Also assume that Year 1 is the base year. What is the real GDP in this simple economy in year 2? Product Quantity (Year 1) Price (Year 1) Quantity (Year 2) Price (Year 2) 50 25 100 30 ETTTT 10 Homes Cheeseburgers 100 Cheese 50 1 50 30 15 150 6 75 Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a 2750 b 3700 C 3775 d 4875
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 7QR
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