Use the following to answer questions :
Table: Price and Output Data
-(Table: Price and Output Data) Look at the table Price and Output Data. The value of year 3's output in nominal dollars is:
A)$5.
B)$5.20.
C)$20.
D)$36.

Question

Use the following to answer questions :
Table: Price and Output Data 
-(Table: Price and Output Data) Look at the table Price and Output Data. The value of year 3's output in nominal dollars is:
A)$5. 
B)$5.20. 
C)$20. 
D)$36.

Quizplus · Accepted Answer

To find the value of Year 3's output in nominal dollars, we need to multiply the price per unit in Year 3 (which is $1) with the quantity produced in Year 3 (which is 20 units). Therefore, the nominal value of Year 3's output is $20.

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