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 Value of Output (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?
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 Value of Output (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?
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
|
Value of Output
|
---|---|---|---|
(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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