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/QUESTION 2 Table: Lemonade and Cookies 2017 Price 2016 2016 Price 2017 Output 200 glasses $1 per glass Output 220 glasses $1 per glass Lemonade 100 cookies s per 100 cookies $2.25 cookie 2 Cookies per cookie Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. What is the nominal GDP in 2016? (2016 is the base QUESTION 2 Table: Lemonade and Cookies 2017 Price 2016 2016 Price 2017 Output 200 glasses $1 per glass Output 220 glasses $1 per glass Lemonade 100 cookies s per 100 cookies $2.25 cookie 2 Cookies per cookie Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. What is the nominal GDP in 2016? (2016 is the base year) O $400 O $440 O $420 O$ 425

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QUESTION 2 Table: Lemonade and Cookies 2017 Price 2016 2016 Price 2017 Output 200 glasses $1 per glass Output 220 glasses $1 per glass Lemonade 100 cookies s per 100 cookies $2.25 cookie 2 Cookies per cookie Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. What is the nominal GDP in 2016? (2016 is the base QUESTION 2 Table: Lemonade and Cookies 2017 Price 2016 2016 Price 2017 Output 200 glasses $1 per glass Output 220 glasses $1 per glass Lemonade 100 cookies s per 100 cookies $2.25 cookie 2 Cookies per cookie Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. What is the nominal GDP in 2016? (2016 is the base year) O $400 O $440 O $420 O$ 425

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Transcribed Image Text: QUESTION 2 Table: Lemonade and Cookies 2017 Price 2016 2016 Price 2017 Output 200 glasses $1 per glass Output 220 glasses $1 per glass Lemonade 100 cookies s per 100 cookies $2.25 cookie 2 Cookies per cookie Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. What is the nominal GDP in 2016? (2016 is the base year) O $400 O $440 O $420 O$ 425

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Transcribed Image Text: QUESTION 2 Table: Lemonade and Cookies 2017 Price 2016 2016 Price 2017 Output 200 glasses $1 per glass Output 220 glasses $1 per glass Lemonade 100 cookies s per 100 cookies $2.25 cookie 2 Cookies per cookie Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. What is the nominal GDP in 2016? (2016 is the base year) O $400 O $440 O $420 O$ 425

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2016 Nominal GDP=price of Lemonade *quantity of Lemonade + priceof cookies* quan ... See the full answer