Product 2011 Quantity Price 100 $12 50 20 200 45 A very simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above. Table 18 Camera Legal services Books Price $10 15 40 2016 Quantity 120 45 210 24) Refer to Table 18. What is real GDP in 2016, using 2011 as the base year? A) $28,885 B) $11,790 C) $11,200 D) $10,275

Product 2011 Quantity Price 100 $12 50 20 200 45 A very simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above. Table 18 Camera Legal services Books Price $10 15 40 2016 Quantity 120 45 210 24) Refer to Table 18. What is real GDP in 2016, using 2011 as the base year? A) $28,885 B) $11,790 C) $11,200 D) $10,275

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 7QR

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Similar questions

Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
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