Consider the data shown in the table. Assume that the economy produces only barrels of oil. What is the nominal GDP for last year? Barrels of Oil Sold Last year 80,000 This year 83,000 $5,104,500 $5,229,000 $4,920,000 $4,800,000 Actual Price $60 $63

Consider the data shown in the table. Assume that the economy produces only barrels of oil. What is the nominal GDP for last year? Barrels of Oil Sold Last year 80,000 This year 83,000 $5,104,500 $5,229,000 $4,920,000 $4,800,000 Actual Price $60 $63

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 5SCQ: According to Table 19.7, how often have recessions occurred since the end of World War II (1945)?

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Question

Consider the data shown in the table. Assume that the economy produces only
barrels of oil. What is the nominal GDP for last year?
Barrels of
Oil Sold
Actual
Price
Last year
80,000
$60
This year 83,000 $63
$5,104,500
$5,229,000
$4,920,000
$4,800,000

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