Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.50 1500 $10.00 5000 2014 $7.50 1500 $15.00 4000 The table contains prices and output for a two good economy. Nominal and...

Consider the table.

	Shirts	Pants
Year	Price	Quantity	Price	Quantity
2013	$5.50	1500	$10.00	5000
2014	$7.50	1500	$15.00	4000

The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $58,250. Use the information in the table to answer the questions.

What is nominal GDP in 2014?

What is real GDP in 2014? Use 2013 as the base year.

Real output from 2013 to 2014 has

decreased.

increased.

stayed the same.

experienced inflation.

Jun 08, 2022

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Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.50 1500 $10.00 5000 2014 $7.50 1500 $15.00 4000 The table contains prices and output for a two good economy. Nominal and...

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