QUESTION 7 Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the...

QUESTION 7<br>Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee<br>beans. Assume all of the coffee beans are used in the production of the coffee drinks.<br>Product<br>Quantity<br>Price<br>Sweatshirts<br>Dental examinations<br>Coffee drinks<br>Coffee beans<br>50<br>$35.00<br>40<br>75.00<br>1,000<br>4.00<br>2,000<br>0.50<br>Using the information in the table, calculate nominal GDP for this simple economy.<br>

Extracted text: QUESTION 7 Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Product Quantity Price Sweatshirts Dental examinations Coffee drinks Coffee beans 50 $35.00 40 75.00 1,000 4.00 2,000 0.50 Using the information in the table, calculate nominal GDP for this simple economy.

Jun 06, 2022

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QUESTION 7 Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the...

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