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Suppose that there are only 2 goods in the economy: grains and shoes. The following table shows the prices and quantities produced of these goods
Suppose that there are only 2 goods in the economy: grains and shoes. The following table shows the prices and quantities produced of these goods in 2000 (base year), 2019 and 2020. Using the table below and 2000 as the base year, compute the nominal GDP in 2019 and 2020. Select one: a. The nominal GDP in 2019 and 2020 are RESPECTIVELY 2,824.5 and 2,600. b. The nominal GDP in 2019 and 2020 are RESPECTIVELY 2,000 and 2,600. O c. The nominal GDP in 2019 and 2020 are RESPECTIVELY 2,600 and 2,000. d. The nominal GDP in 2019 and 2020 are RESPECTIVELY 2,600 and 2,824.5. mm
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