Year Price of Pens (R) Quantity of pens Price of books (R) Quantity of books 2003 3 100 10 50 2004 3 120 12 70 70 2005 4 120 20 14 70

Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter3: Your Role As A Consumer
Section3.3: Consumerism
Problem 5R
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Q6

 The table attached contains information about an economy that produces only pens and books. The base year
 is 2003.
 With reference to the table above. What is the value of real GDP for 2004?
 a) R800
 b) R1,060
 c) R1,460
 d) R1,200

Year
Price of Pens (R) Quantity of pens
Price of books (R)
Quantity of books
2003
3
100
10
50
2004
3
120
12
70
70
2005
4
120
20
14
70
Transcribed Image Text:Year Price of Pens (R) Quantity of pens Price of books (R) Quantity of books 2003 3 100 10 50 2004 3 120 12 70 70 2005 4 120 20 14 70
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