Use the following to answer questions :
Table: Price and Output Data
-(Table: Price and Output Data) Look at the table Price and Output Data. The value of year 4's output in nominal dollars is:
A)$6.
B)$24.
C)$30.
D)$36.

Question

Use the following to answer questions :
Table: Price and Output Data 
-(Table: Price and Output Data) Look at the table Price and Output Data. The value of year 4's output in nominal dollars is:
A)$6. 
B)$24. 
C)$30. 
D)$36.

Quizplus · Accepted Answer

The nominal value of output is calculated by multiplying the price by the quantity for that year. If the table shows that in year 4, the price is $6 and the output is 6 units, then the nominal value is 6 * 6 = $36.

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