Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012.
-What was the nominal GDP in 2012?
Definitions:
Marketing Loan Program
A federal farm subsidy under which certain farmers can receive a loan (on a per-unit-of-output basis) to plant a crop and then, depending on the harvest price of the crop, either pay back the loan with interest or keep the loan proceeds while forfeiting their harvested crop to the lender.
Food, Conservation, and Energy Act
A comprehensive U.S. law enacted periodically that covers a wide range of agricultural and food programs, including farm subsidies, nutrition assistance, and land conservation efforts.
Crop Price
The amount of money that farmers receive for the agricultural products they produce, which can vary based on supply and demand.
Loan Price
The total cost associated with borrowing money, which includes the interest rate and any other fees or charges.
Q9: The demand for loanable funds decreases while
Q25: In which year was the economy growing
Q40: If life expectancy falls due to AIDS
Q71: What areas represent the total tax revenue
Q81: Tofu becomes more expensive in 2008 at
Q82: When the demand curve shifts to the
Q85: If nominal GDP changed by 6% and
Q87: The chained consumer price index (CPI) tends
Q91: Using a supply and demand model, show
Q141: Goods that firms repackage with other goods