The annual output and prices of a 3-good economy are shown in the table below. Good Price
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The annual output and prices of a 3-good economy are shown in the table below. Good Price Year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Quarts of Ice Cream $6 4 $6 6 Bottles of Shampoo $4 2 $4 3 Jars of Peanut Butter $3 4 $3 3 What was nominal GDP in year 1? $ What was nominal GDP in year 2? $
Related Book For
Stats Data and Models
ISBN: 978-0321986498
4th edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
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