Consider the data shown in the table. Assume that the economy produces only barrels of oil. What is the nominal GDP for last year? Barrels of Oil Sold Last year 80,000 This year 83,000 $5,104,500 $5,229,000 $4,920,000 $4,800,000 Actual Price $60 $63

Consider the data shown in the table. Assume that the economy produces only barrels of oil. What is the nominal GDP for last year? Barrels of Oil Sold Last year 80,000 This year 83,000 $5,104,500 $5,229,000 $4,920,000 $4,800,000 Actual Price $60 $63

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

Consider the data shown in the table. Assume that the economy produces only
barrels of oil. What is the nominal GDP for last year?
Barrels of
Oil Sold
Actual
Price
Last year
80,000
$60
This year 83,000 $63
$5,104,500
$5,229,000
$4,920,000
$4,800,000

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