Only two goods are produced in Macroland - Pens and Notepads. Given below are the quantities and prices of these goods in the years 2016 and 2017 Price (2016) Quantity (2016) Price (2017) Quantity (2017) Pens 300 1.5 325 Notepads 200 250 Assume 2016 is the base year. Calculate the Real GDP for the year 2017. O s900 $1487.5 O $1075 O $100

Only two goods are produced in Macroland - Pens and Notepads. Given below are the quantities and prices of these goods in the years 2016 and 2017 Price (2016) Quantity (2016) Price (2017) Quantity (2017) Pens 300 1.5 325 Notepads 200 250 Assume 2016 is the base year. Calculate the Real GDP for the year 2017. O s900 $1487.5 O $1075 O $100

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7QR

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