Question
A simple economy produces twogoods, Bread Bread and Software Software. Price and quantity data are asfollows: Production and Prices in Year 1(Base year) Product Quantity
A simple economy produces twogoods, Bread
Bread and Software
Software. Price and quantity data are asfollows:
Production and Prices in Year 1(Base year)
Product
Quantity
Price Per Unit
Bread
Bread
105
105
$3.00
3.00
Software
Software
800
800
$55.00
55.00
Production and Prices in Year 2
Product
Quantity
Price Per Unit
Bread
Bread
131.25
131.25
$4.50
4.50
Software
Software
1 comma 200.00
1,200.00
$110.00
110.00
In Year2, nominal GDP is equalto: $
nothing
, and real GDP is $
nothing
(enter both responses rounded to the nearest
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Economics
Authors: David Colander
7th Edition
0073402869, 9780073402864
