Answer:
$90
Explanation:
Nominal GDP is GDP calculated using current year prices.
Nominal GDP = current year prices x unit of output
18 x $5 = $90
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
17 which should equal 215.01 I think- sorry if I’m wrong
Answer:
a. for pizza rises when income rises.
Explanation:
A normal good is a good that people purchase more when their income increases and that have a lower demand when their income decreases, for example, clothing. According to this, the answer is that Pizza is a normal good if the demand for pizza rises when income rises.
The other options are not right because a normal good is determined by the way in which the demand of a product behaves when the income increases or decreases.
In a market economy, like the one described in the question, there is the potential to achieve efficiency in production. This is because producers can choose what they produce and can focus on the products they are good at. This can help with economies of scale and efficiency.
