A small economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks. Good or Service Quantity Market Price Value of Output (Per unit) Pounds of food 3 million pounds $1 Shirts 50,000 $21 Houses 20 $50,000 Medical services 50,000 hours $20 Automobile plant 1 $1,000,000 Tanks 2 $500,000 Based on your calculations, the total value of GDP in this economy is?
A small economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks. Good or Service Quantity Market Price Value of Output (Per unit) Pounds of food 3 million pounds $1 Shirts 50,000 $21 Houses 20 $50,000 Medical services 50,000 hours $20 Automobile plant 1 $1,000,000 Tanks 2 $500,000 Based on your calculations, the total value of GDP in this economy is?
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 3SQP
Related questions
Question
A small economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks.
Good or Service
|
Quantity
|
Market
|
Value of Output
|
---|---|---|---|
(Per unit)
|
|||
Pounds of food | 3 million pounds | $1 |
|
Shirts | 50,000 | $21 |
|
Houses | 20 | $50,000 |
|
Medical services | 50,000 hours | $20 |
|
Automobile plant | 1 | $1,000,000 |
|
Tanks | 2 | $500,000 |
|
Based on your calculations, the total value of GDP in this economy is?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning