Assume an Economy That Makes Only One Product and That

question 154

Multiple Choice

$$\begin{array} { | c | c | c | } \hline \text { Year } & \text { Units of Output } & \text { Price Per Unit } \\\hline 1 & 3 & \$ 3 \\\hline 2 & 4 & 4 \\\hline 3 & 6 & 5 \\\hline 4 & 7 & 7 \\\hline 5 & 8 & 8 \\\hline\end{array}$$ Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a ?ve-year period are shown in the table. The nominal GDP for year 4 is

• A) $49.
• B) $55.
• C) $40.
• D) $35.

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Definitions:

Breast Cancer

A type of cancer that develops from breast cells, typically observed as a lump in the breast or changes in breast shape or texture.

Lurking Variables

Unobserved variables that influence the relationship between the independent and dependent variables in an analysis.

Rate of Depression

The frequency or proportion of individuals in a given population experiencing depression during a specific time frame.

Income

The money received by a person or organization, typically on a regular basis, for work, through investments, or from other sources.