Refer to the data. The nominal GDP for year 4 is:
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data.
A. $49.
B. $55.
C. $40.
D. $35.
A. $49.
You might also like to view...
A consumer values a car at $525,00 . and a producer values the same car at $485,000 . If the transaction is completed at $510,000 . what amount of tax will result in unconsummated transaction?
a. A tax of $9,000 b. A tax of $14,000 c. A tax of $15,000 d. A tax of $18,000
Which of the following factors can partly explain the long-term growth in production in the U.S. economy?
a. Trade surpluses and accumulation of precious metals b. A gradual but consistent increase in the price level c. Growth in population d. Improvements in technology e. Federal government budget deficits