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Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies


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 Base Year) 

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Answer #1

answer is B) 800

nominal gdp for 2016 = price of 2016 * quantity of 2016

price quantity nominal GDP
200 2 400
100 4 400
TOTAL 800
0 0
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