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Suppose the economy of Econoworld produces only two goods, kayaks and birdseed. In 2017, 20 kayaks are produced and sold for $1,000 each and 10
- Suppose the economy of Econoworld produces only two goods, kayaks and birdseed. In 2017, 20 kayaks are produced and sold for $1,000 each and 10 bags of birdseed are produced and sold for $30 each. The value of nominal GDP in 2017 is
a. $20,300.
b. $300.
c. $20,000.
d.$23,000.20
e.kayaks plus 10 bags of birdseed.
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Authors: Jeffrey F Beatty, Susan S Samuelson
3rd Edition
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