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Author Question: GDP and its CalculationProductQuantityPriceSkateboards50$145.00Hats27525.00Jars of Peanut Butter700 ... (Read 17 times)

ninaj

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on: Nov 23, 2022
GDP and its Calculation


ProductQuantityPrice
Skateboards50​$145.00​
Hats275​25.00​
Jars of Peanut Butter700​ 9.00
Peanuts (pounds)1400​2.00​
Refer to the table. Suppose that a simple economy produces only four goods: skateboards, hats, peanut butter, and peanuts. Assume all of the peanuts are used in the production of peanut butter. Using the information in the above table, nominal GDP for this simple economy equals ________.
◦ $23,225
◦ $20,425
◦ $16,925
◦ $32,625
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Marked as best answer by ninaj on Nov 23, 2022

BryanAultm

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Reply #1 on: Nov 23, 2022
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ninaj

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Reply 2 on: Nov 23, 2022
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