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 QuantitiesYearPrice ofMoviesQuantity of MoviesPrice of PopcornQuantity ofPopcorn2014$10.00500$510002015$11.00600$49002016$12.00650$59502017$12.00625$6925 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

The value of all final goods and services that are produced domestically within given duration…

Answered: A hypothetical country of Lahland…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 Movies	Quantity of Movies	Price of Popcorn	Quantity of 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.	$11,250
	b.	$12,550
	c.	$10,575
	d.	$10,950

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