Question: The next fo Consider an coonomy with only two products: guns and butter. There is no international trade and no gov- ernment. The following table

 The next fo Consider an coonomy with only two products: guns

and butter. There is no international trade and no gov- ernment. The

The next fo Consider an coonomy with only two products: guns and butter. There is no international trade and no gov- ernment. The following table shows production and prices in 2019 and 2020. Use 2019 is the base year for any relevant calculations. Year Good Price per unit Production (units) 2019 Guns $1.000 10,000 2019 Butter $100 5,000 2020 Guns $500 20,000 2020 Butter $200 5,000 9. What is nominal GDP in 2019? (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10.500,000. 5 10. What is nominal GDP in 20207 (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10,500,000. 11. What is real GDP in 20207 (A) $10,000,000. (B) $20,500,000. (C) $11,000,000. (D) $10,500,000. 12. What is the GDP deflator in 2020? (A) 537. (B) 186. (C) 18.6. (D) 53.7

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!