Solved

Assume an Economy That Is Producing Only One Product Refer to the Data

Question 49

Multiple Choice

Assume an economy that is producing only one product.Output and price data for a three-year period are as follows.Answer the question on the basis of these data.  Year 123 Units ofOutput202530Price PerUnit$446\begin{array}{c}\begin{array}{c}\\\underline{\text { Year }} \\1 \\2 \\3\end{array}\begin{array}{c}\text { Units of}\\\underline{\text {Output}}\\20\\25\\30\end{array}\begin{array}{c}\text {Price Per}\\\underline{\text {Unit}}\\ \$ 4 \\4\\6 \end{array}\end{array}
Refer to the data.If year 2 is chosen for the base year,in year 3 nominal GDP and real GDP,respectively,are:


A) $180 and $30.
B) $30 and $5.
C) $180 and $120.
D) $120 and $100.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions