Assume an economy produces only hamburgers and hot dogs and the base year is 2016. Quantities ProducedPrices?2016201720162017Hamburgers2,0003,000$2$3.00Hot dogs3,0004,000$1$1.50Given the data in the table above, what is the value of nominal GDP in 2017?
A. $ 7,000
B. $10,500
C. $15,000
D. $ 5,000
Answer: C
You might also like to view...
Ted and Alice want to make sure that their children will inherit lots of money when they die, so that their children do not have to struggle the way they themselves did. Saving more in response to this is a______ reason for saving.
A. precautionary B. life-cycle C. bequest D. private
The sale of government bonds by the Federal Reserve Banks to commercial banks will ________.
A. increase aggregate demand B. decrease aggregate supply C. decrease aggregate demand D. increase aggregate supply
It is illegal for business to price discriminate when selling goods to other businesses unless
a. Price discounts are cost-justified b. Discounts are offered to meet competitors' price c. Both a and b d. It is not illegal for businesses to price discriminate
Which of the following events will cause a downward movement along the value of marginal product of labor curve?
a. An increase in wage rate b. An increase in price of the product c. A decrease in wage rate d. A decrease in price of the product