Assume an economy produces only footballs and baseballs and the base year is 2005. 
Given the data in the table above, what is the value of nominal GDP in 2006?
A) $10,000
B) $12,000
C) $12,500
D) $16,500
Correct Answer:
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Q105: Assume an economy produces only hamburgers and
Q106: A measure of GDP in which quantities
Q107: Assume an economy produces only hamburgers and
Q108: Real GDP measures the _ of production;
Q113: Capital income includes:
A)profits, rent, and interest.
B)wages and
Q124: In the base year, real GDP _
Q125: A measure of GDP in which quantities
Q126: Real GDP is measured in _ prices;
Q127: If prices in the current year are
Q128: Nominal GDP measures the _ of production.
A)change
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