Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year: Product 2020 Quantity 2020 Price 2021 Quantity 2021 Price Beer 8 $2.4 10 $2.8 Chocolate 7 $1.1 13 $1.8 What was the real GDP in 2021? a. $51.40 b. $38.30 c. $35.00 d. $26.90

Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year: Product 2020 Quantity 2020 Price 2021 Quantity 2021 Price Beer 8 $2.4 10 $2.8 Chocolate 7 $1.1 13 $1.8 What was the real GDP in 2021? a. $51.40 b. $38.30 c. $35.00 d. $26.90

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter5: National Income Accounting

Section: Chapter Questions

Problem 1E

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Product	2020 Quantity	2020 Price	2021 Quantity	2021 Price
Beer	8	$2.4	10	$2.8
Chocolate	7	$1.1	13	$1.8

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