Use the Table Below to Answer the Following Questions

question 59

Multiple Choice

Use the table below to answer the following questions.
Table 4.2.6
There are only two goods in this economy.
-Refer to Table 4.2.6.What is nominal GDP in the current year?

• A)$460
• B)$350
• C)$180
• D)$150
• E)80 loaves of bread and 100 cartons of milk

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded for it at various prices.

Perfectly Elastic

A state of demand or supply in which the quantity demanded or supplied changes infinitely with any change in price.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.

Efficient Output

The maximization of output using the least amount of inputs or resources.