Quantity Price Quantity Price Item (2012) (2012) (2013) (2013) Rice 500 $2.0 570 $3.0 Water 450 $4.0 600 $5.0 The table above gives the production and prices for a small nation that produces only Rice and Water. The base year is 2013. What is Real GDP in 2012? O $2,800 O $450 O $950 O $3,750 O $1,325

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 8QR
Question
None
Quantity Price
Quantity Price
Item
(2012) (2012) (2013) (2013)
Rice
500
$2.0
570
$3.0
Water
450
$4.0
600
$5.0
The table above gives the production and prices for a
small nation that produces only Rice and Water. The
base year is 2013. What is Real GDP in 2012?
O $2,800
O $450
O $950
O $3,750
O $1,325
Transcribed Image Text:Quantity Price Quantity Price Item (2012) (2012) (2013) (2013) Rice 500 $2.0 570 $3.0 Water 450 $4.0 600 $5.0 The table above gives the production and prices for a small nation that produces only Rice and Water. The base year is 2013. What is Real GDP in 2012? O $2,800 O $450 O $950 O $3,750 O $1,325
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
ECON MACRO
ECON MACRO
Economics
ISBN:
9781337000529
Author:
William A. McEachern
Publisher:
Cengage Learning