A small economy produces three main products, products A, B, and C. The following table indicates the prices and quantities for the three products from 2013 to 2016. Product A Product B Product C Year Price Quantit Price Quantit Price Quantit 57.5 6 24.75 4 2013 2014 2015 2016 12 4 60.5 4 13 17 5.5 10 63.5 8 27.5 6 66 4 10 17 14 6 Using 2013 as the base year, calculate the real GDP for the years 2016. Select one: a. 492 b. 523.25 c. 722.75 d. None of the answers are correct е. 680.5
A small economy produces three main products, products A, B, and C. The following table indicates the prices and quantities for the three products from 2013 to 2016. Product A Product B Product C Year Price Quantit Price Quantit Price Quantit 57.5 6 24.75 4 2013 2014 2015 2016 12 4 60.5 4 13 17 5.5 10 63.5 8 27.5 6 66 4 10 17 14 6 Using 2013 as the base year, calculate the real GDP for the years 2016. Select one: a. 492 b. 523.25 c. 722.75 d. None of the answers are correct е. 680.5
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 6SCQ: The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the...
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