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The table below shows output for the country of Copernicus….

The table below shows output for the country of Copernicus. Compute the nominal GDP.  GDP data 2003 2004 Item Quantity Price Quantity Price Butter 10 $ 11 15 $ 9 Potatoes 25 $ 7 20 $ 8 Onions 7 $ 6 9 $ 12 Nominal GDP in 2003 is $ [2003] Nominal GDP in 2004 is $ [2004]

Articles and Videos Select and answer only one question from…

Articles and Videos Select and answer only one question from the following: How did Zambia solve the problem of incentives not serving their intended purpose in the labor market? According to the video, why is income per capita not the best measure of the standard of living? What else should we consider? According to the article, what are some of the drawbacks of counting everything produced in GDP? What fallacy does the article discuss? According to the article, even with rising prices, Americans still splurge on which item? What are a few explanations?

The table below shows output for the country of Copernicus….

The table below shows output for the country of Copernicus. Suppose the base year is 2004. Compute real GDP.  2003 2004 Item Quantity Price Quantity Price Butter 9 $ 11 10 $ 9 Potatoes 3 $ 7 5 $ 8 Onions 13 $ 6 15 $ 12 Real GDP in 2003 is $ [2003] Real GDP in 2004 is $ [2004]

The table below shows output for the country of Copernicus….

The table below shows output for the country of Copernicus. Compute the nominal GDP.  GDP data 2003 2004 Item Quantity Price Quantity Price Butter 14 $ 5.00 13 $ 4.00 Potatoes 60 $ 2.05 55 $ 2.00 Onions 24 $ 0.75 25 $ 0.80 Nominal GDP in 2003 is $ [2003] Nominal GDP in 2004 is $ [2004]