Assume an economy produces only footballs and baseballs and the base year is 2016. Quantities Produced...
Assume an economy produces only footballs and baseballs and the base year is 2016.
| Quantities Produced | Prices | |||
| 2016 | 2017 | 2016 | 2017 | |
| Hamburgers | 200 | 300 | $20 | $3.00 |
| Hot dogs | 500 | 600 | $10 | $1.50 |
Given the data in the table above, what is the value of real GDP in 2017?
Multiple Choice
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$9,000
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$10,000
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$12,000
-
$12,500
Homework Answers
Real GDP in 2017= output of 2017 * price of 2016
Real GDP in 2017=300*20+600*10=6000+6000=12000
ans is C
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Assume an economy produces only footballs and baseballs and the
base year is 2016.
Quantities Produced...
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