Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Refer to the above data.If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are:
A)$180 and $30.
B)$30 and $5.
C)$180 and $120.
D)$120 and $100.

Question

Assume an economy which is producing only one product.Output and price data for a three-year period are as follows.  Refer to the above data.If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are:
A)$180 and $30. 
B)$30 and $5. 
C)$180 and $120. 
D)$120 and $100.

Quizplus · Accepted Answer

The Answer of Assume an economy which is producing only one product.Output and price data for a three-year period are as follows.  Refer to the above data.If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are:
A)$180 and $30. 
B)$30 and $5. 
C)$180 and $120. 
D)$120 and $100.

Assume an Economy Which Is Producing Only One Product