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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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