Calculate nominal GDP for this simple economy. Firms purchase wind turbines, as well as x-ray machines made in another country. Show your work. $15 and 45 T-shirts. 52) Answer: Nominal GDP equals (20 × $125) + (100 × $20) + (2,000 × $1) + (600 × $0.50) = $6,800. Shiny charms and berries. - [Instructor] The countries of Kalos and Johto can produce two goods. $20 and 50 T-shirts. D) remain the same since nothing can be done to increase production in the two countries. The government purchases automobiles. Refer to table 4 below. $15 and 55 T-shirts. The Market Value Of Cell Phones Is A $20 Million B $5 Million. Government & the Economy Name: Reading p.1 Your Cell Phone: A Line Into the Economy If you've got a cell phone, you probably get your service through one of these wireless providers: The U.S. has a market economy, which means that most goods and services, such as … Calculate nominal GDP for this simple economy. Suppose that a simple economy produces only Four goods and services: iPods, t-shirts, bottled water, and oranges. Table 19-6 Product Quantity Price iPods 20 $125.00 T-shirts 100 20.00 Bottled water 2,000 1.00 Oranges 600 0.50 52) Refer to Table 19-6. An increase in the price of T-shirts … $15 and 45 T-shirts. The Government Producers Consumers Consumers And Producers The Government, Consumers And Producers 2 Points Question 2 Every Society Faces Economic Trade-offs. $25 and 55 T-shirts. B) increase if each country produces the good for which it has the lowest opportunity cost. A simple economy produces two goods, Com Bread and Software. A) increase if the United States produces both goods. What will be the new market equilibrium price and quantity? C) not change if China produces either T-shirts or cell phones. Overall the value of worldwide cellphone shipments rose by an average 2.9% for all exporting countries since 2015 when exported cellphones were valued at $259.7 billion. Consumers purchase pizza and haircuts, as well as T-shirts made in another country. Suppose the government imposes on producers an excise tax of $20 per T-shirt. Question: Question 1 Consider The Following Economic Agents: Who, In A Modern Mixed Economy, Decides What Goods And Services Will Be Produced With The Scarce Resources Available In That Economy? C $750 Million. The table below describe the production possibilities of each country in a day. $30 and 40 T-shirts. D $100 Million E $500 Million. Suppose that a simple economy produces only four goods and services: iPods, t-shirts, bottled water, and oranges. $25 and 45 T-shirts. Consider the following data, which shows the quantities and prices of two goods produced in the economy, to answer the following questions: Quantity produced, Price Cell phones 5 million$100/cell phone Pizza 25 million$10/pizza The market value of cell phones is Yep, you got to love these worlds created in these economics questions. 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