(Table: Real and Nominal Output) Use Table: Real and Nominal Output. The change in nominal output between years 3 and 4 is an increase of: \[\begin{array} { | l | l | l | } \hline \text { Year } & \text { Units of Output } & \text { Price per Unit } \\ \hline 1 & 40 & \$ 1 \\ \hline 2 & 30 & \$ 2 \\ \hline 3 & 50 & \$ 2 \\ \hline 4 & 70 & \$ 4 \\ \hline 5 & 60 & \$ 6 \\ \hline 6 & 60 & \$ 8 \\ \hline \end{array}\]

A) 64% B) 64%. C) 100%. D) 100% E) 180% F)180%. G)280%. H)280% A) 64% B) 64%. C) 100%. D) 100% E) 180% F)180%. G)280%. H)280% F

Consider the data shown in the table. Assume that the economy produces only frozen fish. What is the real GDP for this year? \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Tons of Frozen } \\ \text { Fish Sold } \end{array} & \begin{array} { c } \text { Actual } \\ \text { Price } \end{array} \\ \hline \text { Last year } & 100 & \$ 1,800 \\ \hline \text { This year } & 105 & \$ 1,850 \\ \hline \end{array}\]

A) $180,000 B) $191,625 C) $182,500 D) $194,250 A) $180,000 B) $191,625 C) $182,500 D) $194,250

(Table: Real and Nominal Output) Use Table: Real and Nominal Output. The year in which the increase in nominal GDP is exclusively due to the increase in the price level rather than physical output is year: \[\begin{array} { | l | l | l | } \hline \text { Year } & \text { Units of Output } & \text { Price per Unit } \\ \hline 1 & 40 & \$ 1 \\ \hline 2 & 30 & \$ 2 \\ \hline 3 & 50 & \$ 2 \\ \hline 4 & 70 & \$ 4 \\ \hline 5 & 60 & \$ 6 \\ \hline 6 & 60 & \$ 8 \\ \hline \end{array}\]

A) 2 B) 2. C) 3. D) 3 E) 4 F)4. G)6 H)6. A) 2 B) 2. C) 3. D) 3 E) 4 F)4. G)6 H)6.

Below is U.S. economic data for 2018. What was total spending? \[\begin{array} { | l | r | } \hline \text { Consumption } & \$ 13.999 \text { trillion } \\ \hline \text { Investment } & \$ 3.628 \text { trillion } \\ \hline \text { Government spending } & \$ 3.591 \text { trillion } \\ \hline \text { Exports } & \$ 2.510 \text { trillion } \\ \hline \text { Imports } & \$ 3.148 \text { trillion } \\ \hline \end{array}\]

A) $20.58 trillion B) $21.86 trillion C) $23.73 trillion D) $21.22 trillion A) $20.58 trillion B) $21.86 trillion C) $23.73 trillion D) $21.22 trillion

(Table: Real and Nominal Output) Use Table: Real and Nominal Output. In which year is all of the increase in nominal output due to an increase in real output? \[\begin{array} { | l | l | l | } \hline \text { Year } & \text { Units of Output } & \text { Price per Unit } \\ \hline 1 & 40 & \$ 1 \\ \hline 2 & 30 & \$ 2 \\ \hline 3 & 50 & \$ 2 \\ \hline 4 & 70 & \$ 4 \\ \hline 5 & 60 & \$ 6 \\ \hline 6 & 60 & \$ 8 \\ \hline \end{array}\]

A) 2 B) 2. C) 3 D) 3. E) 5 F)5. G)6 H)6. A) 2 B) 2. C) 3 D) 3. E) 5 F)5. G)6 H)6.

Consider the data shown in the table. Assume that the economy produces only textbooks. What is the nominal GDP for this year? \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Textbooks } \\ \text { Sold } \end{array} & \begin{array} { c } \text { Actual } \\ \text { Price } \end{array} \\ \hline \text { Last year } & 5,000 & \$ 50 \\ \hline \text { This year } & 5,250 & \$ 55 \\ \hline \end{array}\]

A) $250,000 B) $262,500 C) $288,750 D) $275,625 A) $250,000 B) $262,500 C) $288,750 D) $275,625

(Scenario: Good A and Good B). The town of York produces two goods, good A and good B. The following is information regarding York's production of these two goods and their prices over three years. With 2017 as the base year, real GDP in 2017 was _____ GDP in _____. \[\begin{array} { | l | l | l | l | } \hline & \text { Year 2017 } & \text { Year 2018 } & \text { Year 2019 } \\ \hline \text { Quantity of good A } & 3 & 4 & 5 \\ \hline \text { Price of good A } & \$ 500 & \$ 550 & \$ 550 \\ \hline \text { Quantity of good B } & 10 & 10 & 10 \\ \hline \text { Price of good B } & \$ 2 & \$ 4 & \$ 5 \\ \hline \end{array}\]

A) equal to real; 2018. B) equal to real; 2018 C) equal to nominal; 2017. D) equal to nominal; 2017 E) greater than real; 2018. F) greater than real; 2018 G) greater than nominal; 2019. H) greater than nominal; 2019 A) equal to real; 2018. B) equal to real; 2018 C) equal to nominal; 2017. D) equal to nominal; 2017 E) greater than real; 2018. F) greater than real; 2018 G) greater than nominal; 2019. H) greater than nominal; 2019