Business, 15.02.2021 01:10 Rayanecrazt3671

Consider the table. Shirts
Pants
Year Price Quantity
Price Quantity
2013 $7.50 750 $12.50 4000
2014 $12.00 600 $18.50 3500
The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $55,625. Use the
information in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 20132013 as the base year.
Real output from 2013 to 2014 has
Decreased
Experienced inflation
Increased
Stayed the same

Consider the table.

Shirts
Pants
Year Price Quantity
Price Quantity
2013 $7.50 750 $12.50 4000
20

Answers: 1

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Consider the table. Shirts
Pants
Year Price Quantity
Price Quantity
2013 $7...

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