Answer the Question Based on the Following Price and Output

question 50

Multiple Choice

Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. Refer to the above data. In year 4, nominal GDP would be:

• A) $60
• B) $90
• C) $120
• D) $316

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Definitions:

Lowballing

A strategy where an initially favorable offer is made, only to have the terms made less favorable after acceptance.

Obedience

When a person follows the orders of a person in authority.

Conformity

The altering of your own behaviors and opinions to match those of other people or to match other people’s expectations.

Compliance

The tendency to agree to do things requested by others.