The Country Described in the Table Below Produces and Consumes

question 16

Multiple Choice

The country described in the table below produces and consumes only three goods: energy drinks, pizza, and t-shirts. The quantity produced and price of each good in 2016 and 2017 are provided.

-Refer to the above table.What is nominal GDP for 2017?

• A) $6,900
• B) $7,400
• C) $7,700
• D) $7,900

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Definitions:

Repeated Game

A game-theory concept involving the same game played multiple times, where outcomes can be affected by previous games.

Cournot Model

An economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide upon independently and at the same time.

Dominant Strategy

A strategy in game theory that yields the best outcome for a player, regardless of the strategies chosen by other players.

Dominant Strategy

A strategy in game theory that is the best for a player to follow, regardless of what the opponent does.