Table 23-6 The Table Below Contains Data for the Country of Batterland

question 277

Multiple Choice

Table 23-6
The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013 .
Prices and Quantities
-Refer to Table 23-6. In 2010, this country's nominal GDP was

• A)$260.
• B)$440.
• C)$620.
• D)$760.

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Definitions:

Efficient Level

An optimal state of allocation of resources where any changes might lead to a decrease in efficiency or utility.

Upward Sloping

Describes a line or curve on a graph that moves higher as it goes from left to right, indicating a positive relationship between two variables.

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

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