2005   2010     Qty Produced Price Qty Produced Price Guns 80 $ 7 100 $ 8 Butter 50 $ 4 80 $ 6 Consider data in the table above for a country that produces only two products: guns and butter.  Real GDP for 2010 using 2005 as the base year equals

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
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2005

 

2010

 

 

Qty Produced

Price

Qty Produced

Price

Guns

80

$ 7

100

$ 8

Butter

50

$ 4

80

$ 6

Consider data in the table above for a country that produces only two products: guns and butter.  Real GDP for 2010 using 2005 as the base year equals

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