Consider the following table for the economy of a nation whose residents produce four final goods. Assuming

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Consider the following table for the economy of a nation whose residents produce four final goods.

2019 2020 Price Quantity Price Quantity Good Computers Bananas Televisions Cookies $1,000 $800 10 3,000 15 11 1,000 100

Assuming a 2018 base year:
a. What is nominal GDP for 2019 and 2020?
b. What is real GDP for 2019 and 2020?

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Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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Question Posted: Aug 18, 2017 02:21 PM

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Consider the following table for the economy of a nation whose residents produce four final goods. Assuming

Question:

2019 2020 Price Quantity Price Quantity Good Computers Bananas Televisions Cookies $1,000 $800 10 3,000 15 11 1,000 100 300 500 150 2 10,000 10,000

Step by Step Answer:

a Nominal GDP for 2019 is ...View the full answer

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