A small economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks. Good or ServiceQuantityMarket PriceValue of Output(Per unit)Pounds of food3 million pounds$1 Shirts50,000$21 Houses20$50,000 Medical services50,000 hours$20 Automobile plant1$1,000,000 Tanks2$500,000 Based on your calculations, the total value of GDP in this economy is?

The gross domestic product of an economy is the aggregate of the market values of all final goods…

Answered: A small economy produced the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

A small economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks.

Good or Service	Quantity	Market Price
(Per unit)
Pounds of food	3 million pounds	$1
Shirts	50,000	$21
Houses	20	$50,000
Medical services	50,000 hours	$20
Automobile plant	1	$1,000,000
Tanks	2	$500,000

Based on your calculations, the total value of GDP in this economy is?

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions