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We are studying an economy that produces and consumes two goods: hot dogs and hamburgers. The table below shows data for years 2010 and 2020. [table] | Year 2010 | Year 2020 Price of a hot dog | $2 | $4 Price of a hamburger | $3 | $4 Quantity of hot dogs | 200 | 250 Quantity of hamburgers | 200 | 500 [/table] Calculate nominal GDP 2020
Options
A.a. 3500
B.b. 2000
C.c. 3000
D.d. 2500
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Step-by-Step Analysis
To compute nominal GDP for 2020, we multiply the 2020 prices by the 2020 quantities for each good and sum the results.
First, determine the 2020 values: price of a hot dog = $4 and quantity of hot dogs = 250, so contribution from hot dogs = 4 × 250 = 1000.
Next, price of a h......Login to view full explanationLog in for full answers
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We are studying an economy that produces and consumes two goods: hot dogs and hamburgers. The table below shows data for years 2010 and 2020. [table] | Year 2010 | Year 2020 Price of a hot dog | $2 | $4 Price of a hamburger | $3 | $4 Quantity of hot dogs | 200 | 250 Quantity of hamburgers | 200 | 500 [/table] Calculate nominal GDP 2020
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We are studying an economy that produces and consumes two goods: hot dogs and hamburgers. The table below shows data for years 2010 and 2020. [table] | Year 2010 | Year 2020 Price of a hot dog | $2 | $4 Price of a hamburger | $3 | $4 Quantity of hot dogs | 200 | 250 Quantity of hamburgers | 200 | 500 [/table] Calculate nominal GDP 2010
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