The following table shows the production and prices of an economy's only two goods,TVs and computers,in 2003 and 2009.Assume that 2003 is the base year.
-What is nominal GDP in 2003?
Definitions:
Grenada
A country in the Caribbean known for its significant nutmeg production and the US-led invasion in 1983 to oust a Marxist government.
Economic Reform
The implementation of policy changes aimed at improving a country's economic efficiency, often through measures such as deregulation, reduction of corruption, tax reform, and encouraging private sector growth.
Mikhail Gorbachev
A former Soviet statesman who served as the last leader of the Soviet Union, known for his policies of glasnost (openness) and perestroika (restructuring) which led to the end of the Cold War.
Soviet Union
A socialist state that existed from 1922 to 1991, consisting of multiple republics, and was a major global power, eventually disbanding and leading to the rise of independent nations, including Russia.
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