The following table contains prices and quantities for the three goods produced in the country of Linfieldia.
-Refer to the table above.Assuming that 2015 is the base year,what is nominal GDP for 2016?
Definitions:
Rent-Control Scheme
A rent-control scheme is a government policy that sets a maximum price that can be charged for rental housing, aiming to make housing more affordable.
Equilibrium Rental Price
The price at which the quantity of rental properties supplied equals the quantity demanded.
Quota Rent
The earnings exceeding the normal anticipated returns due to import or export quotas.
Deadweight Loss
A decrease in economic effectiveness occurring when a good or service doesn't reach its free market equilibrium.
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Q67: Refer to the table above.Assuming that 2015
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