Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice per Unit18$22103315441855206In year 4, nominal GDP would be ________.
A. $316
B. $60
C. $120
D. $90
Answer: D
You might also like to view...
Which of the following is NOT a feature of a monopolistically competitive market?
A) numerous buyers and sellers B) differentiated products C) advertising D) a homogeneous product
Which of the following statements best describes possibilities for trade?
a. Many larger national economies around the world, in regions like North America and Western Europe, have much more limited possibilities for trade inside their countries or their immediate regions. b. Many smaller national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions. c. Many medium national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions. d. Many smaller national economies around the world, in regions like Eastern Europe, have much more limited possibilities for trade inside their countries or their immediate regions.
Unlimited liability is a distinct advantage of the proprietorship
a. True b. False Indicate whether the statement is true or false
If the price of "X" increases and you buy less "Y," then
A. "X" and "Y" are complements, and the price of "Y" will increase. B. "X" and "Y" are substitutes, and the price of "Y" will increase. C. "X" and "Y" are complements, and the price of "Y" will decrease. D. "X" and "Y" are substitutes, and the price of "Y" will decrease.