Scenario: Real GDP Suppose that in year 1 an economy produces 150 golf balls that sell...
Scenario: Real GDP
Suppose that in year 1 an economy produces 150 golf balls that sell
for $4.65 each and 75 pizzas that sell for $8 each. The next year
the economy produces 170 golf balls that sell for $5.75 each and 80
pizzas that sell for $9 each.
Reference: Ref 11-2
(Scenario: Real GDP) The value of nominal GDP in years 1 and 2
respectively is:
A. $1,000; $1,005.
B. $1297.50; $1697.50
C. $900; $1099.5
D. $1,000.50; $2,400.75
E. $900; $1,077.50.
Homework Answers
In year 1,
150 golfballs($4.65) = 697.5
75 pizzas ($8) = 600
= $1,297.50 (697.5+600)
In year 2,
170 golfballs ($5.75) = 977.5
80 pizzas ($9) = 720
= $1,697.50 (977.5+720)
The value of nominal GDP in years 1 and 2 respectively is:
B. $1297.50; $1697.50
Add Answer to:
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