Table 12-8 -Refer to Table 12-8

question 44

Essay

Table 12-8
$\begin{array}{|l|c|r|}\hline \text { Product } & \text { Quantity } & \text { Price } \\\hline \text { Sweaters } & 50 & \$ 50.00 \\\hline \text { CDs } & 150 & 10.00 \\\hline \text { Sugar } & 600 & 1.00 \\\hline \text { Soft drinks } & 800 & 0.75 \\\hline\end{array}$
-Refer to Table 12-8.Suppose that a simple economy produces only four goods and services: sweaters,CDs,sugar,and soft drinks.Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households.Calculate nominal GDP for this simple economy.

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Definitions:

Unknown Variable

A symbol in mathematics and algebra that represents a number not yet identified but can be solved for in an equation.

Graph

A visual representation of data designed to show comparative information or patterns.

Equation

A mathematical statement that asserts the equality of two expressions, typically involving variables and constants.

Litres

A unit of volume equivalent to 1000 cubic centimeters or 1 cubic decimeter, used in the metric system to measure liquids and gases.