During Last Year,a Country Produced 20,000 Pizzas and 10,000 Hamburgers

question 61

Multiple Choice

During last year,a country produced 20,000 pizzas and 10,000 hamburgers and nothing else.The pizzas sold for $10.00 each and the hamburgers for $3.00 each.Nominal GDP was

• A)$230,000.
• B)$70,000.
• C)$460,000.
• D)$390,000.
• E)$360,000.

---

Definitions:

Demand

In economics, demand is the quantity of a good or service that consumers are willing and able to purchase at various prices during a certain period of time.

Great Recession

A severe global economic downturn that began in 2007 and lasted until about 2009, marked by significant declines in the housing market, financial failures, and a surge in unemployment rates.

Fiscal Policy

A government's strategy for managing its budget through taxation and spending to influence the economy.

Tax Cuts

Reductions in the amount of taxes imposed by the government.