Assuming that inflation has occurred over​ time, what is the relationship between nominal GDP and real GDP in years after the base​ year?  

Students are allowed to use unauthorized resources during remote exams.

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 is used in the production of shirts. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2019.     The Nominal GDP for the year 2019 is:

Your friend gives you a ticket to a concert as a birthday present. The ticket cost $40. Which of the following represents a possible opportunity cost of attending the concert ?

Even when we have full employment, the unemployment can never reach zero. What is the main reason for this?

A simple economy produces two​ goods, Corn Bread and Computer Games. Price and quantity data are as​ follows:     In Year 2, real GDP is equal to:

Students are allowed to use unauthorized resources during remote exams.

Assuming that inflation has occurred over​ time, what is the relationship between nominal GDP and real GDP in years after the base​ year?  

Sunflowers Inc. paid its workers $8 an hour in 2018 and $9 an hour in 2019. The GDP price index was 252 in 2018 and 257 in 2019. Calculate the real wage rate in each year. Round to two decimals.   The real wage rate in 2018 was $ The real wage rate in 2019 was $

The table shows an economy’s total production and the prices of the final goods it produced in 2016 and 2018.   The base year is 2016. Calculate real GDP in 2016.   Real GDP in 2016 is $