A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2015 . Prices and Quantities Year Price ofMovies Quantity of Movies Price of Popcorn Quantity ofPopcorn 2014 $10.00 500 $5 1000 2015 $11.00 600 $4 900 2016 $12.00 650 $5 950 2017 $12.00 625 $6 925 Refer to Table 23-10. What was this country’s real GDP in 2016? a. $11,250 b. $12,550 c. $10,575 d. $10,950
A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2015 . Prices and Quantities Year Price ofMovies Quantity of Movies Price of Popcorn Quantity ofPopcorn 2014 $10.00 500 $5 1000 2015 $11.00 600 $4 900 2016 $12.00 650 $5 950 2017 $12.00 625 $6 925 Refer to Table 23-10. What was this country’s real GDP in 2016? a. $11,250 b. $12,550 c. $10,575 d. $10,950
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter14: Investment, The Capital Market, And The Wealth Of Nations
Section: Chapter Questions
Problem 13CQ
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A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2015 .
Prices and Quantities
Year |
Price of |
Quantity of Movies |
Price of Popcorn |
Quantity of |
2014 |
$10.00 |
500 |
$5 |
1000 |
2015 |
$11.00 |
600 |
$4 |
900 |
2016 |
$12.00 |
650 |
$5 |
950 |
2017 |
$12.00 |
625 |
$6 |
925 |
Refer to Table 23-10. What was this country’s real GDP in 2016?
a. |
$11,250 |
|
b. |
$12,550 |
|
c. |
$10,575 |
|
d. |
$10,950 |
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