I Consider a country that produces only wheat and corn. Based on the data in the table,calculate the country's real GDP for year 2008 (assume 2005 as the base year) is:Price of Wheat(per bushel)$56Quantity of Wheat(million bushels)1.2501,3601,4201,500Price of Corn Quantity of CornYear2005200620072008(per bushel)$44(million tons)910641,0501,1201,26052725562

The given table shows price and quantity of wheat and corn in four different years.

. Consider a country that produces only wheat and corn. Based on the data in the table, calculate the country's real GDP for year 2008 (assume 2005 as the base year) is: Quantity of Wheat Price of Corn Quantity of Corn (per bushel) $44 52 55 62 Price of Wheat (per bushel) 356 Year 2005 2006 2007 (million bushels) 1,250 1,360 1,420 1.500 (million tons) 940 1,050 1,120 1,260 64 72 2008

. Consider a country that produces only wheat and corn. Based on the data in the table, calculate the country's real GDP for year 2008 (assume 2005 as the base year) is: Quantity of Wheat Price of Corn Quantity of Corn (per bushel) $44 52 55 62 Price of Wheat (per bushel) 356 Year 2005 2006 2007 (million bushels) 1,250 1,360 1,420 1.500 (million tons) 940 1,050 1,120 1,260 64 72 2008

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 3QP

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