Suppose that a simple economy produces only the following four goods and services shoes hamburgers shirts and cotton Further

Question

Suppose that a simple economy produces only the following four goods and services shoes hamburgers shirts and cotton Further assume that all of the cotton used to produce shirts Use the information in the following table to calculate Nominal Gross Domestic Product Nominal GDP for 2022 PRODUCTION AND PRICE STATISTICS FOR 2022 Price Product 60 00 2 00 25 00 0 60 The Nominal GDP for the year 2022 is Shoes Hamburgers Shirts Cotton Quantity 100 100 50 1 800

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