Table 19-11 Consider the Following Data for Tyrovia, a Country

question 195

Multiple Choice

Table 19-11
Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 19-11. Nominal GDP for Tyrovia in 2013 equals

• A) $1,140.
• B) $880.
• C) $690.
• D) $560.

---

Definitions:

Innovating Firms

Companies that introduce new products, services, or processes, contributing to technological progress and market dynamics.

Enhance Profits

Strategies or actions taken by a business to increase its net earnings.

Imitation

The act of copying or mimicking the features, designs, or actions of another product, service, or behavior, often with the intention of capturing value or recognition.

Technological Advances

Improvements in technology, which typically lead to more efficient production processes, new products, or improved ways to perform tasks.