Last year an economy produced 2400 apples, 3000 pears and 2500 oranges. The price of apples was €0.50, the price of pears was €0.60 and the price of oranges was €0.50. Nominal GDP was:
(a) € 5200;
(b) € 6600;
(c) € 4250;
(d) Cannot be computed.
Answer: (c) € 4250;
Economics
You might also like to view...
Suppose that the chain-weighted index for GDP in Gambia was 275 in 2015 and 350 in 2016. The inflation rate between those two years was approximately
A) 20.2 percent. B) 27.3 percent. C) 37.5 percent. D) 75 percent.
Economics
As a source of bank funds, __________ has fallen by nearly two-thirds in relative importance since 1970
A) time deposits B) transactions deposits C) savings deposits D) equity
Economics
On balance, does market power promote or retard technological innovation?
What will be an ideal response?
Economics
Are changes in consumption and investment typically occur in the same direction and at roughly the same magnitude? Explain
What will be an ideal response?
Economics