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Question: version i suppose that in 2016 the city of santa...

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Version I Suppose that in 2016 the city of Santa Cruz produced the following goods at the given prices and in the given quantities: item Surfboards $400 Sunscreen Price Quantity 40 60 $50 In 2017 Santa Cruz produced PriceQuantity 20 80 Item Surfboards $800 Sunscreen $0 1. What is nominal GDP in 2017? a. $18500 b. $20000 c. $21000 d. $23000 2. What is real GDP in 2017 if 2016 is the base year? a. $12000 b. $14200 c. $18000 d. $22400 Suppose now that each surfboard contains $10 worth of imported wood. Sunscreen contains no imported materials. Assume Santa Cruz does not export anything. What is nominal GDP in 2016 3. a. $18600 b. $22600 c. $23000 d. $34000
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