Data for 2018 Data for 2019 Quantity 4 Item: Price Price Hot dogs $1.75 $2.00 Pepsi 2 $1.25 3 $1.50 2. The table gives data on the production and prices in a very small local economy. Use 2018 as the base period. What does real GDP equal in 2019? O $14.25 O $16.50 O $3.50 O $11.00 Quantity 6

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 18RQ: What are the two main difficulties that arise in comparing different comparing GDP?
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Question 2
Item:
Quantity
Price
Price
Hot dogs
4
$1.75
$2.00
Pepsi
2
$1.25
3
$1.50
2. The table gives data on the production and prices in a very small local economy. Use 2018 as the
base period. What does real GDP equal in 2019?
Ⓒ$14.25
O $16.50
O $3.50
O $11.00
Data for 2018
Data for 2019
Quantity
6
Transcribed Image Text:Question 2 Item: Quantity Price Price Hot dogs 4 $1.75 $2.00 Pepsi 2 $1.25 3 $1.50 2. The table gives data on the production and prices in a very small local economy. Use 2018 as the base period. What does real GDP equal in 2019? Ⓒ$14.25 O $16.50 O $3.50 O $11.00 Data for 2018 Data for 2019 Quantity 6
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