Question: Use the table below to answer question 2 and 3. Year Quantity of Cars Price of Cars Nominal GDP Real GDP (use 2010 as a

Use the table below to answer question 2 and 3.

Year

Quantity of Cars

Price of Cars

Nominal GDP

Real GDP (use 2010 as a base year)

2010

15

$20,000

2011

17

$26,000

2012

19

$29,000

2013

25

$33,000

2014

29

$35,000

  1. _______________________ is the sum of the quantities of final goods produced times their current prices.
  2. What is the real GDP in 2011? _________________________________________________
  3. What is the normal GDP for the year 2014? _______________________________________
  4. The labor force is the sum of __________________________ and _____________________
  5. The ratio of the number of people who are unemployed to the number of people in the labor force is called ______________________________________________________________

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