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

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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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?
Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declines
What are the two main difficulties that arise in comparing different comparing GDP?
What are the main components of measuring GDP with what is demanded?
Why is the GDP deflator not an accurate measure of inflation as it impacts a household?
What are the main components of measuring GDP with what is produced?
Which of the following are included in GDP, and which are not? The cost of hospital stays The rise in life expectancy over time Child care provided by a licensed day care center Child care provided by a grandmother A used car sale A new car sale The greater variety of cheese available in supermarkets The iron that goes into the steel that goes into a refrigerator bought by a consumer.
What does GDP not tell us about the economy?
U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?