Assume an Economy That Is Producing Only One Product

question 219

Multiple Choice

$$\begin{array} { | c | c | c | } \hline \text { Year } & \text { Units of Output } & \text { Price Per Unit } \\\hline 1 & 20 & \$ 4 \\\hline 2 & 25 & 4 \\\hline 3 & 30 & 6 \\\hline\end{array}$$ Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. 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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