Nominal GDP = Quantity in the given year*Price in the given year
Nominal GDP = 18*5 = 90
option(D)
Answer the next question based on the following price and output data over a five-year period...
Units of Output Price Per Year Unit $2 10 15 18 20 The accompanying table gives price and output data over a five-year period for an economy that produces only one good. If year 2 is the base year, then Real GDP in year 5 is
View History Bookmarks Tools Window Help 44%E) wed ECON1000 Assignment I(CMU Wn X T7058ECON1000 Assignment l (CMU Winter 20 回 ☆ ofl9 - + Automatic Zoom 2. The next four questions refer to the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year Units ofPrice Year Output per unit 16 20 30 36 40 $2 (a) If year 2 is the base year, give...
QUESTION 29 YearUnits of Outpu Price Per Unit G4 20 25 30 3 me an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are $120 and $100 $30 and $5. 。$180 and $120 O $180 and $30.
Assume you are studying an economy that produces only one good. In Year 1, 83 units of output were produced and the (per-unit) price in Year 1 was $23 In Year 2, 136 units of output were produced and the (per-unit) price in Year 2 was $25 In Year 3, 186 units of output were produced and the (per-unit) price in Year 3 was $30 Assume that Year 2 is the base year. Nominal GDP in Year 3 is $_____________.
Use the following to answer questions 6-7: Assume an economy which is producing only one product. Output and price data for a three-year period are as follows. Year 1 Units of output Price per unit 20 $4 25 30 6 6. Refer to the above data. The nominal GDP for year 3 is: A) 125 percent higher than the nominal GDP for year 1. B) 50 percent higher than the nominal GDP for year 1. C) $120. D) $30.
QUESTION 2 Table: Lemonade and Cookies 2017 Price 2016 2016 Price 2017 Output 200 glasses $1 per glass Output 220 glasses $1 per glass Lemonade 100 cookies s per 100 cookies $2.25 cookie 2 Cookies per cookie Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. What is the nominal GDP in 2016? (2016 is the base year) O $400 O $440 O $420 O$ 425
Table: Real and Nominal Output Units of Output 40 30 50 70 60 60 Year Price per Unit $1 $2 $2 $4 S6 S8 4 6 Use Table: Real and Nominal Output. The price index in year 1, using year 4 as the base period, is: O 100 O 25 O 50 O 150
Question 67 (1 point) Assume you are studying an economy that produces only one good. In Year 1, 83 units of output were produced and the (per-unit) price in Year 1 was $24 In Year 2, 127 units of output were produced and the (per-unit) price in Year 2 was $28 In Year 3, 171 units of output were produced and the (per-unit) price in Year 3 was $29 Assume that Year 2 is the base year. Nominal GDP in...
O. QUESTIONS Table: Lemonade and Cookies Lemonade Cookies 2016 2016 Price 2017 2017 Price Output Output 200 glasses $1 per glass 220 glasses 51 per glass 100 cookies $ 2 per 100 cookies $2.25 per cookie cookie Look at the table L oaded Cookies Asume that a conomy produces cely lemonade and cookies. What is the growth rate of nominal GDP from 2016 to 2017 2016 is the base yrar) O-11 OS Os QUESTIONS QUESTIONS 2017 Price Table:Lemonade and Cookies...
O. QUESTIONS Table: Lemonade and Cookies Lemonade Cookies 2016 2016 Price 2017 2017 Price Output Output 200 glasses $1 per glass 220 glasses 51 per glass 100 cookies $ 2 per 100 cookies $2.25 per cookie cookie Look at the table L oaded Cookies Asume that a conomy produces cely lemonade and cookies. What is the growth rate of nominal GDP from 2016 to 2017 2016 is the base yrar) O-11 OS Os QUESTIONS QUESTIONS Table: Lemonade and Cookies 2016...