Consumers in an economy buy only three general types of products, A, B, and C. Changes in the prices of these items over a period are shown above. Using year 1 as the base year, the country's Consumer Price Index in year 2 is A) 103.75. B) 100.00. C) 106.25, D) 105.25. Nominal & Real GDP Quantity Price Quantity Price Quantity Price Product Year 1 Year 1 Year 2 Year 2 Year 3 Year 3 A $11 6. $12 8. $10 B. 11 21 13 18 6. 23 13 18 14 17 14 19 What is nominal GDP for Year 1? If Year 1 is the base year, then what is real GDP for Year 2?

Consumers in an economy buy only three general types of products, A, B, and C. Changes in the prices of these items over a period are shown above. Using year 1 as the base year, the country's Consumer Price Index in year 2 is A) 103.75. B) 100.00. C) 106.25, D) 105.25. Nominal & Real GDP Quantity Price Quantity Price Quantity Price Product Year 1 Year 1 Year 2 Year 2 Year 3 Year 3 A $11 6. $12 8. $10 B. 11 21 13 18 6. 23 13 18 14 17 14 19 What is nominal GDP for Year 1? If Year 1 is the base year, then what is real GDP for Year 2?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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