Product Milk Textbook Wheat Quantity in 2020 100 50 80 Price in 2020 2 50 3 Using 2020 as the base year, how much has real GDP changed from 2020 to 2021? $430 $2510 $400 -$430 -$400 Quantity in 202 120 40 90 1.5 70 19 4

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 11RQ: What are the main components of measuring GDP with what is demanded?
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Question
Product
Milk
Textbook
Wheat
Quantity in 2020
100
50
80
-$430
-$400
Price in 2020
2
50
3
Using 2020 as the base year, how much has real GDP changed from 2020 to 2021?
$430
$2510
$400
Quantity in 2021
120
40
90
Price in 2021
1.5
70
4
Transcribed Image Text:Product Milk Textbook Wheat Quantity in 2020 100 50 80 -$430 -$400 Price in 2020 2 50 3 Using 2020 as the base year, how much has real GDP changed from 2020 to 2021? $430 $2510 $400 Quantity in 2021 120 40 90 Price in 2021 1.5 70 4
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