Refer to the information provided in the Table 3 below to answer the questions 7 and 8 that follow:

Refer to the Table 3. Assume that this economy produces only two goods, Good X and Good Y. The value for this economy’s nominal GDP in year 1

Question

Refer to the information provided in the Table 3 below to answer the questions 7 and 8 that follow:

Refer to the Table 3. Assume that this economy produces only two goods, Good X and Good Y. The value for this economy’s nominal GDP in year 1

BlackTom AI · Accepted Answer

The question asks us to determine the economy’s nominal GDP in year 1 using Table 3, but the actual table values are not provided in your prompt. Without the numeric quantities and prices for Good X and Good Y in year 1, we cannot perform the calculation or verify which option is correct.

What we would need to compute nominal GDP for year 1: 
- The year-1 price of Good X multiplied by the year-1 quantity of Good X, plus 
- The year-1 price of Good Y multiplied by the year-1 quantity of Good Y.
- In symbols: Nominal GDP year 1 = (Price_X year1 × Quantity_X year1) + (Price_Y year1 × Quantity_Y year1).

Why each option cannot be judged here:
- Option "is $350": This could be correct if (Price_X year1 × Quantity_X year1) + (Price_Y year1 × Quantity_Y year1) equals 350 with the data in Table 3. Since we don’t have the numbers, we cannot confirm.
- Option "is $470": Similarly, 470 would be correct only if the computed sum matches 470 exactly given Table 3’s values. Again, we lack the data to verify.
- Option "is $450": This is the option provided as the answer in your prompt, but without the underlying table numbers, there is no way to confirm whether 450 is truly the correct sum of year-1 values.
- Option "is $540": This would be correct only if the data in Table 3 yield a total of 540 when applying the year-1 prices and quantities. Without the data, we can’t confirm.

What would help resolve this: please supply Table 3 (the year-1 prices and quantities for Good X and Good Y or the computed nominal GDP values). With those numbers, I can show the exact calculation step by step and confirm which option matches.

If you want, I can also illustrate the calculation process in a generic form once you provide the table values, so you can see how each dollar term contributes to the final nominal GDP figure.

ECON 104, Section 001: Macroeconomic Analysis (22511--BR---P-ECON----104-------001-) Quiz 3

Refer to the information provided in the Table 3 below to answer the questions 7 and 8 that follow: Refer to the Table 3. Assume that this economy produces only two goods, Good X and Good Y. The value for this economy’s nominal GDP in year 1

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