In 1960, U

question 23

Multiple Choice

In 1960, U.S. nominal GDP was $527 billion and the GDP chain price index is 23.3. Real GDP in 1996 dollars is:

• A)$1,228 billion.
• B)$2,262 billion.
• C)$3,000 billion.
• D)$3,262 billion.

Determine specialization and trade benefits in a two-party system.

Identify how specialization can lead to an increase in overall production and consumption.

Calculate the opportunity cost from given data and understand its implications.

Recognize the role of opportunity costs in determining comparative advantages.