Suppose a small island near the Middle East produces oil, which is extracted from the ground,...

 

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Suppose a small island near the Middle East produces oil, which is extracted from the ground, and olive oil, from all of the olives grown on the island. The information in the following table shows the amount of oil, olive oil, and olives produced in 2008, 2018, and 2019. Calculate nominal GDP for 2019 using 2008 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$,"" ""-," "%," or "," in your answer. Product Oil (in barrels) Olive Oil (in bottles) Olives (in bushels) Your Answer: Answer 2008 2018 Quantity Price Quantity Price Quantity 28 581 35 $117 40 10 130 10 3 65 6 Product Oil (in barrels) Olive Oil (in bottles) Olives (in bushels) 100 50 2008 Question 14 (1 point) Suppose a small island near the Middle East produces oil, which is extracted from the ground, and olive oil, from all of the olives grown on the island. The information in the following table shows the amount of oil, olive oil, and olives produced in 2008, 2018, and 2019. Calculate real GDP for 2019 using 2008 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$," "," "%," or "," in your answer. 2019 2018 $86 10 4 135 65 $110 10 6 Quantity Price Quantity Price Quantity 25 32 42 100 130 135 50 65 65 2019 Price $92 14 8 Price $91 13 8 Suppose a small island near the Middle East produces oil, which is extracted from the ground, and olive oil, from all of the olives grown on the island. The information in the following table shows the amount of oil, olive oil, and olives produced in 2008, 2018, and 2019. Calculate nominal GDP for 2019 using 2008 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$,"" ""-," "%," or "," in your answer. Product Oil (in barrels) Olive Oil (in bottles) Olives (in bushels) Your Answer: Answer 2008 2018 Quantity Price Quantity Price Quantity 28 581 35 $117 40 10 130 10 3 65 6 Product Oil (in barrels) Olive Oil (in bottles) Olives (in bushels) 100 50 2008 Question 14 (1 point) Suppose a small island near the Middle East produces oil, which is extracted from the ground, and olive oil, from all of the olives grown on the island. The information in the following table shows the amount of oil, olive oil, and olives produced in 2008, 2018, and 2019. Calculate real GDP for 2019 using 2008 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$," "," "%," or "," in your answer. 2019 2018 $86 10 4 135 65 $110 10 6 Quantity Price Quantity Price Quantity 25 32 42 100 130 135 50 65 65 2019 Price $92 14 8 Price $91 13 8

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Calculate the nominal GDP for 2019 using 2008 as the base year Given the quantities and prices 2008 ... View the full answer