Refer to Table 19-7. Suppose that a simple economy produces only four goods and services: iPods, t-shirts, bottled water, and oranges. Calculate nominal GDP for this simple economy
What will be an ideal response?
Nominal GDP equals (20 × $125 ) + (100 × $20 ) + (2,000 × $1 ) + (600 × $0.50 ) = $6,800.
Economics
You might also like to view...
How do new classical economists view the importance of policy rules and discretion in macroeconomic policy?
What will be an ideal response?
Economics
A decrease in the money supply will shift the aggregate __________ curve to the __________.
A) demand; left
B) demand; right
C) supply; left
D) supply; right
Economics