Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year: Product 2020 Quantity 2020 Price 2021 Quantity 2021 Price Beer 8 $2.4 10 $2.8 Chocolate 7 $1.1 13 $1.8 What was the real GDP in 2021? a. $51.40 b. $38.30 c. $35.00 d. $26.90
Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year: Product 2020 Quantity 2020 Price 2021 Quantity 2021 Price Beer 8 $2.4 10 $2.8 Chocolate 7 $1.1 13 $1.8 What was the real GDP in 2021? a. $51.40 b. $38.30 c. $35.00 d. $26.90
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section7.4: Real Gdp
Problem 2ST
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Question
Consider the following data assuming that these are the only products produced and consumed in the economy, and assuming that 2020 is the base year:
What was the realGDP in 2021?
| Product | 2020 Quantity | 2020 |
2021 Quantity | 2021 Price |
|---|---|---|---|---|
| Beer | 8 | $2.4 | 10 | $2.8 |
| Chocolate | 7 | $1.1 | 13 | $1.8 |
What was the real
a.
$51.40
b.
$38.30
c.
$35.00
d.
$26.90
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