Consider the table.
Shirts
Pants
Year Price Quantity
Price Quantity
2013 $7...
Business, 15.02.2021 01:10 Rayanecrazt3671
Consider the table.
Shirts
Pants
Year Price Quantity
Price Quantity
2013 $7.50 750 $12.50 4000
2014 $12.00 600 $18.50 3500
The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $55,625. Use the
information in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 20132013 as the base year.
Real output from 2013 to 2014 has
Decreased
Experienced inflation
Increased
Stayed the same
Answers: 1
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