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. Year Price of Quantity of Price of Popcorn Quantity of Movies Movies Popcorn 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 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. Year Price of Quantity of Price of Popcorn Quantity of Movies Movies Popcorn 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?

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

Table 23-10
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.
Year
Price of
Quantity of
Price of Popcorn
Quantity of
Movies
Movies
Popcorn
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?
Select one:
a.
$11,250
b.
$12,550
C.
$10,950
d.$10,575

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