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 6PA
Related questions
Question
![An economy produces only digital cameras, chocolate bars, and
watches.
The table gives the quantities produced and prices in 2016 and 2017.
The base year is 2016.
What is real GDP and chained-dollar real GDP in 2017?
>>> Answer with a whole numbers.
Real GDP in 2017 is $
Chained-dollar real GDP in 2017 is $
In 2016
Item
Digital cameras
Chocolate bars
Watches
In 2017
Item
Digital cameras
Chocolate bars
Watches
Quantity
4
10
9
Quantity
9
4
4
Price
$2 each
$2 each
$3 each
Price
$8 each
$9 each
$7 each](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb34efc64-650b-48fb-a431-3897dc37af8e%2F81c1f22e-c1fc-4bdd-9082-a9bace296e62%2F3aj4ptn_processed.png&w=3840&q=75)
Transcribed Image Text:An economy produces only digital cameras, chocolate bars, and
watches.
The table gives the quantities produced and prices in 2016 and 2017.
The base year is 2016.
What is real GDP and chained-dollar real GDP in 2017?
>>> Answer with a whole numbers.
Real GDP in 2017 is $
Chained-dollar real GDP in 2017 is $
In 2016
Item
Digital cameras
Chocolate bars
Watches
In 2017
Item
Digital cameras
Chocolate bars
Watches
Quantity
4
10
9
Quantity
9
4
4
Price
$2 each
$2 each
$3 each
Price
$8 each
$9 each
$7 each
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