The country of HOYA produces phones and fridges. The table below shows price and output data in these industries for the years 2013 through 2015.   2013 2014 2015   price quantity price quantity price quantity Phones $1,200 450 $1,000 600 $800 1000 Fridges $200 2000 $300 1900 $400 1600 Which of the following shows how to find 2014 GDP in 2013 prices? a) $1200 x 1000 + $200 x 300 = $1,260,000 b) 450 x $1000 + 2000 x $300 = $1,050,000 c) 600 x $1000 + 1900 x $300 = $1,170,000 d) $800 x 600 + $400 x 1900 = $1,240,000 e) 600 x $1200 + 1900 x $200 = $1,100,000

Exploring Economics
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ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter19: Measuring Economic Performance
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The country of HOYA produces phones and fridges. The table below shows price and output data in these industries for the years 2013 through 2015.

  2013 2014 2015
  price quantity price quantity price quantity
Phones $1,200 450 $1,000 600 $800 1000
Fridges $200 2000 $300 1900 $400 1600

Which of the following shows how to find 2014 GDP in 2013 prices?

a) $1200 x 1000 + $200 x 300 = $1,260,000
b) 450 x $1000 + 2000 x $300 = $1,050,000
c) 600 x $1000 + 1900 x $300 = $1,170,000
d) $800 x 600 + $400 x 1900 = $1,240,000
e) 600 x $1200 + 1900 x $200 = $1,100,000
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