Use the Following to Answer Questions

question 34

Multiple Choice

Use the following to answer questions :
Table: Price and Output Data
-(Table: Price and Output Data) Look at the table Price and Output Data. Nominal GDP in year 5 is:

• A)$1.29.
• B)$16.
• C)$45.
• D)$63.

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Definitions:

Long-Run Equilibria

A state in economics where all factors of production and costs are variable, and firms make decisions to maximize profits without any fixed inputs.

Demand Increases

A situation in which the desire and ability of consumers to purchase a good or service grow, typically leading to higher prices and potentially greater supply.

Market Supply

The total amount of a specific good or service that is available to consumers at current prices in a given market.

Long-Run Equilibrium

A state in which all firms in a market are making normal profits and there is no incentive for market entry or exit, usually achieved in the long term.