The next four questions involve the following situation: Consider an economy with only two products: silver and lead. There is no international trade and no govern ment. The following table shows production and prices in 2020 and 2021. Use 2020 a the base year for any relevant calculations. Year Good Price per ounce Production (ounces) $20 $1 2020 Silver 500,000 2020 Lead 1,000,000 2021 Silver $30 200,000 2021 Lead $2 20,000,000 15. What is nominal GDP in 2020? (A) $10,000,000. (B) $11,000,000. (C) $24,000,000. (D) $46,000,000. 16. What is real GDP in 2021? (A) $10,000,000. (B) $11,000,000. (C) $24,000,000. (D) $46,000,000.

The next four questions involve the following situation: Consider an economy with only two products: silver and lead. There is no international trade and no govern ment. The following table shows production and prices in 2020 and 2021. Use 2020 a the base year for any relevant calculations. Year Good Price per ounce Production (ounces) $20 $1 2020 Silver 500,000 2020 Lead 1,000,000 2021 Silver $30 200,000 2021 Lead $2 20,000,000 15. What is nominal GDP in 2020? (A) $10,000,000. (B) $11,000,000. (C) $24,000,000. (D) $46,000,000. 16. What is real GDP in 2021? (A) $10,000,000. (B) $11,000,000. (C) $24,000,000. (D) $46,000,000.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 6SCQ: The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the...

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