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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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)
$56
Quantity of Wheat
(million bushels)
1.250
1,360
1,420
1,500
Price of Corn Quantity of Corn
Year
2005
2006
2007
2008
(per bushel)
$44
(million tons)
910
64
1,050
1,120
1,260
52
72
55
62

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