Assume an Economy Which Is Producing Only One Product

question 140

Multiple Choice

Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Refer to the above data.If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are:

• A)$180 and $30.
• B)$30 and $5.
• C)$180 and $120.
• D)$120 and $100.

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Definitions:

Mechanical Components

Parts or elements that are part of a larger mechanical system, each serving a specific mechanical function.

Software

General term for the programs and operating information used by a computer.

Input Device

is a hardware component used to enter data or commands into a computer or other electronic systems.

Hardware Component

A physical piece of a computer or electronic system that contributes to the functionality of the machine.