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The following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question.

Year

Price of Soda

Quantity of Soda

Price of Pizza

Quantity of Pizza

2020

$3

100

$10

50

2021

  3

120

  12

70

2022

  4

120

  14

70

What is the percentage increase in real GDP from 2021 to 2022?

a. 0 percent

b. 7 percent

c. 22 percent

d. 27 percent

e. 32 percent

a. 0 percent...

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Posted by Cleveland on September 4, 2024

The following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question.

Year

Price of Soda

Quantity of Soda

Price of Pizza

Quantity of Pizza

2020

$3

100

$10

50

2021

  3

120

  12

70

2022

  4

120

  14

70

What is the percentage increase in real GDP from 2021 to 2022?

a. 0 percent

b. 7 percent

c. 22 percent

d. 27 percent

e. 32 percent

c. 22 percent...

Read More
Posted by Cleveland on September 4, 2024

The following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question.

Year

Price of Soda

Quantity of Soda

Price of Pizza

Quantity of Pizza

2020

$3

100

$10

50

2021

  3

120

  12

70

2022

  4

120

  14

70

What is the approximate percentage increase in prices from 2021 to 2022?

a. 0 percent

b. 13 percent

c. 16 percent

d. 22 percent

d. 22 percent...

Read More
Posted by Cleveland on September 4, 2024

The following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question.

Year

Price of Soda

Quantity of Soda

Price of Pizza

Quantity of Pizza

2020

$3

100

$10

50

2021

  3

120

  12

70

2022

  4

120

  14

70

What is the percentage increase in prices from 2020 to 2021?

a. 0 percent

b. 13 percent

c. 16 percent

d. 22 percent

e. 38 percent

b. 13 percent...

Read More
Posted by Cleveland on September 4, 2024

he following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question.

Year

Price of Soda

Quantity of Soda

Price of Pizza

Quantity of Pizza

2020

$3

100

$10

50

2021

  3

120

  12

70

2022

  4

120

  14

70

What is the value of the GDP deflator in 2021?

a. 100

b. 113

c. 116

d. 119

e. 138

b. 113...

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Posted by Cleveland on September 4, 2024

he following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question.

Year

Price of Soda

Quantity of Soda

Price of Pizza

Quantity of Pizza

2020

$3

100

$10

50

2021

  3

120

  12

70

2022

  4

120

  14

70

What is the value of real GDP for 2021?

a. $800

b. $1,060

c. $1,200

d. $1,460

e. None of the answer choices are correct.

b. $1,060...

Read More
Posted by Cleveland on September 4, 2024

The following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question.

Year

Price of Soda

Quantity of Soda

Price of Pizza

Quantity of Pizza

2020

$3

100

$10

50

2021

  3

120

  12

70

2022

  4

120

  14

70

What is the value of nominal GDP for 2021?

a. $800

b. $1,060

c. $1,200

d. $1,460

e. None of the answer choices are correct.

c. $1,200...

Read More
Posted by Cleveland on September 4, 2024

Real GDP is measured in ______ prices, while nominal GDP is measured in ______ prices.

                a. intermediate; final      

                b. current; constant       

                c. current year; base year             

                d. base year; current year            

                e. domestic; foreign

                d. base year; current year            ...

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Posted by Cleveland on September 4, 2024

GDP would include which of the following?

a. Illegal drug sales

b. A councilor's services

c. The value of taking a day off from work

e. Am individual cooking a meal at home

d. Intermediate sales

b. A councilor's services...

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Posted by Cleveland on September 4, 2024

If a clothing manufacturer buys cloth for $100 and thread for $50 and uses them to produce and sell $500 worth of clothing to consumers, the value of the final goods and services to be counted in GDP is _______.

a. $50

b. $100

c. $350

d. $500

e. $650

d. $500...

Read More
Posted by Cleveland on September 4, 2024