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Author Question: For the following questions, suppose an economy produces only pens and pencils, and that the ... (Read 65 times)

chads108

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on: Jun 30, 2018
For the following questions, suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table
 
  pens pencils
  Year 1 quantity 15 10
  Year 1 price 12 12
  Year 2 quantity 17 12
  Year 2 price 14 15
 
  What is the real GDP in year 2 using base year 1?
  A) 418
  B) 300.
  C) 360.
  D) 338.

Question 2

According to rational expectations, expectations will only change in the event that ________.
 
  A) wealth changes
  B) current income changes
  C) permanent income changes
  D) unanticipated new information arises


recede

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Reply #1 on: Jun 30, 2018
Answer to Question 1

D

Answer to Question 2

D


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