Consumers in an economy buy only three general types of products, A, B, and C. Changes in the prices of these items over a period are shown above. Using year 1 as the base year, the country's Consumer Price Index in year 2 is A) 103.75. B) 100.00. C) 106.25, D) 105.25. Nominal & Real GDP Quantity Price Quantity Price Quantity Price Product Year 1 Year 1 Year 2 Year 2 Year 3 Year 3 A $11 6. $12 8. $10 B. 11 21 13 18 6. 23 13 18 14 17 14 19 What is nominal GDP for Year 1? If Year 1 is the base year, then what is real GDP for Year 2?

Consumers in an economy buy only three general types of products, A, B, and C. Changes in the prices of these items over a period are shown above. Using year 1 as the base year, the country's Consumer Price Index in year 2 is A) 103.75. B) 100.00. C) 106.25, D) 105.25. Nominal & Real GDP Quantity Price Quantity Price Quantity Price Product Year 1 Year 1 Year 2 Year 2 Year 3 Year 3 A $11 6. $12 8. $10 B. 11 21 13 18 6. 23 13 18 14 17 14 19 What is nominal GDP for Year 1? If Year 1 is the base year, then what is real GDP for Year 2?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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