You are trying to explain to your friends the importance of using real gdp to measure economic health over time, but some of them still insist that nominal gdp is equally good. use the data given below to show your friends the difference between real and nominal gdp. nominal gdp (millions of dollars) = $12000. price level (gdp deflator) = 92. what is real gdp given the nominal gdp and price level (gdp deflator)? real gdp (note: round this to the nearest tenth of a point) = $

Wo firms, a and b, each currently dump 50 tons of chemicals into the local river. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. it costs firm a $100 for each ton of pollution that it eliminates before it reaches the river, and it costs firm b $50 for each ton of pollution that it eliminates before it reaches the river. the government gives each firm 20 pollution permits. government officials are not sure whether to allow the firms to buy or sell the pollution permits to each other. what is the total cost of reducing pollution if firms are not allowed to buy and sell pollution permits from each other? what is the total cost of reducing pollution if the firms are allowed to buy and sell permits from each other? a. $3,000; $1,500 b. $4,500; $3,500 c. $4,500; $4,000 d. $4,500; $2,500