Category Clothing Meals $3.40 million. $3.28 million. $2.70 million. 2016 Price ($) 120 100 Refer to the table above, which shows all the final goods produced in a small country for two consecutive years. With 2017 as the reference year in the chain-linked approach, the country's real GDP of 2016 is $3.42 million. Quantity 10,000 15,000 2017 Price ($) 160 120 Quantity 14,000 16,000
Category Clothing Meals $3.40 million. $3.28 million. $2.70 million. 2016 Price ($) 120 100 Refer to the table above, which shows all the final goods produced in a small country for two consecutive years. With 2017 as the reference year in the chain-linked approach, the country's real GDP of 2016 is $3.42 million. Quantity 10,000 15,000 2017 Price ($) 160 120 Quantity 14,000 16,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Justify for the correct option
![12.
Category
Clothing
Meals
$3.40 million.
$3.28 million.
$2.70 million.
2016
Price ($)
120
100
Refer to the table above, which shows all the final goods produced in a small country for
two consecutive years. With 2017 as the reference year in the chain-linked approach, the
country's real GDP of 2016 is
$3.42 million.
Quantity
10,000
15,000
2017
Price ($)
160
120
Quantity
14,000
16,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F211fd0d2-45cd-4603-b99f-222084379316%2Fa1ec4f30-1222-4d3e-9685-c6307c3f6d03%2F1dc2zdf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12.
Category
Clothing
Meals
$3.40 million.
$3.28 million.
$2.70 million.
2016
Price ($)
120
100
Refer to the table above, which shows all the final goods produced in a small country for
two consecutive years. With 2017 as the reference year in the chain-linked approach, the
country's real GDP of 2016 is
$3.42 million.
Quantity
10,000
15,000
2017
Price ($)
160
120
Quantity
14,000
16,000
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