Question 1 (1 point) In the simple economy of OCCland, we need to figure out their nominal GDP given the following information: OCCland produces 100 bags of Tea per year at $20 per bag, 75 new watches every year at $150 per watch, 500 new dresses every year at $1000 per dress, and 25 new dolls for $10 per doll. What is the nominal gdp for OCCland? Saved $513,500 $450,000 $375,450 $513,000 Question 2 (1 point) Prices and Quantities for our Simple Economy Product Window Washing Baseballs Hammers Saved 8.9% 8.1% 9.8% none of the above 2006 Statistics 2007 Statistics 2008 Statistics Quantity Price Quantity Price Quantity Price 90 $50.00 100 $60.00 100 $65.00 75 $2.00 100 $2.00 120 $2.25 50 $30.00 50 $25.00 65 $25.00 According to the data given, what is the percentage growth in real gdp between 2006 and 2007? Question 3 (1 point) Saved Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Year 2000 Price Quantity Price $11 2001 $9 Peaches 64.71% 64.07% 64.17% 64.77% 10 20 $6 $10 Pecans Quantity 10 10 What is the percentage growth in nominal GDP between 2000 and 2001? Question 4 (1 point) Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Year 2000 Price Quantity Price $11 Peaches 2001 $9 10 20 $6 64.17% 64.77% 64.71% none of the above $10 Pecans Quantity 10 10 What is the percentage change in real GDP between 2000 and 2001? Question 5 (1 point) Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Year Price Quantity Price 2000 $11 2001 $9 Peaches $280 $270 $170 $150 10 20 $6 $10 Pecans What is the nominal GDP for 2001? Quantity 10 10 Question 9 (1 point) Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Year 2000 $11 Price Quantity Price 2001 $9 Peaches $150 $170 $280 $220 10 20 $6 $10 What is the real GDP for 2000? Pecans Quantity 10 10 Question 10 (1 point) Prices and Quantities for our Simple Economy Product Window Washing Baseballs Hammers 2006 Statistics 2007 Statistics 2008 Statistics Quantity Price Quantity Price Quantity Price 90 $50.00 100 $60.00 100 $65.00 75 $2.00 100 $2.00 120 $2.25 $25.00 65 $25.00 50 $30.00 50 Based on the data given above, calculate real gdp for year 2007 $6700 $4585 $5495 None of the above Question 11 (1 point) Prices and Quantities for our Simple Economy Product Window Washing Baseballs Hammers 2008 Statistics Quantity Price $50.00 100 $60.00 100 $65.00 100 $2.00 $2.00 120 $2.25 $30.00 50 $25.00 65 $25.00 2006 Statistics 2007 Statistics Quantity Price Quantity Price 90 75 50 Based on the data above, what is the real gdp for 2008? $3585 $7190 $6190 $7395 Question 14 (1 point) Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Year Price Quantity Price 2000 $11 2001 $9 Peaches $280 $170 $200 $150 10 20 $6 $10 What is the real GDP for 2001? Pecans Quantity 10 10 Question 18 (1 point) Prices and Quantities for our Simple Economy Product Window Washing Baseballs Hammers $6150 $5500 $7395 $6190 2006 Statistics 2007 Statistics 2008 Statistics Quantity Price Quantity Price Quantity Price $50.00 100 $60.00 100 $65.00 $2.00 120 $2.25 90 75 $2.00 100 50 $30.00 50 $25.00 65 $25.00 According to the data given, what is the nominal gdp for 2006? Question 19 (1 point) Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Year Price Quantity Price 2000 $11 Peaches 2001 $9 10 20 $6 none of the above $160 $170 $200 $10 Pecans What is the nominal GDP for 2000? Quantity 10 10 Question 20 (1 point) Prices and Quantities for our Simple Economy Product Window Washing Baseballs Hammers 2006 Statistics 2007 Statistics 2008 Statistics Quantity Price Quantity Price Quantity Price 90 $50.00 100 $60.00 100 $65.00 75 $2.00 100 $2.00 120 $2.25 $30.00 50 $25.00 65 $25.00 50 Based on the data given, calculate nominal gdp for year 2007 $7450 $6150 $8395 $10,000