Use the Following Table for a Hypothetical Single-Product Economy Refer to the Data

question 51

Multiple Choice

Use the following table for a hypothetical single-product economy. $\begin{array}{c}\begin{array}{c}\\\underline{\text { Year }} \\ 1 \\2 \\3 \\4\end{array}\begin{array}{c}\text {Units of}\\\underline{\text { Output}}\\10\\12\\15\\20\end{array}\begin{array}{c}\text { Price of Bagel}\\\underline{\text { Per Unit}}\\\$ 10\\20\\ 30\\ 40\end{array}\begin{array}{c}\text {Price Index}\\\underline{\text {( Year 1=100) }}\\100\\200\\300\\400\end{array}\end{array}$
Refer to the data.Nominal GDP in year 4 is:

• A) $320.
• B) $450.
• C) $225.
• D) $800.

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Definitions:

Public Welfare

Government efforts and programs designed to support the well-being of the population, including health care, education, and social services.

Double-Declining Balance

A method of accelerated depreciation where an asset's value decreases at double the rate of traditional straight-line depreciation.

Salvage Value

The estimated amount that an asset is expected to realize at the end of its useful life.

Straight-Line Depreciation

Straight-line depreciation is a method of allocating the cost of a tangible asset over its useful life evenly.