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…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section7.1: Demand

Problem 5R

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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?

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