The country of Iran produces laptops and food processors. 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 Laptops $1,200 450 $1,000 600 $800 1000 Food Processors $200 2000 $300 1900 $400 1600 Which of the following shows how to find 2014 GDP in 2015 prices? Group of answer choices A) $1200 x 600 + $200 x 1900 = $1,100,000 B) $800 x 600 + $400 x 1900 = 1,240,000 C) $1000 x 600 + $300 x 1900 = $1,170,000 D) $1000 x 1000 + $300 x 1600 = $1,480,000 E) $1000 x 800 + $300 x 400 = $920,000
The country of Iran produces laptops and food processors. 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 Laptops $1,200 450 $1,000 600 $800 1000 Food Processors $200 2000 $300 1900 $400 1600 Which of the following shows how to find 2014 GDP in 2015 prices? Group of answer choices A) $1200 x 600 + $200 x 1900 = $1,100,000 B) $800 x 600 + $400 x 1900 = 1,240,000 C) $1000 x 600 + $300 x 1900 = $1,170,000 D) $1000 x 1000 + $300 x 1600 = $1,480,000 E) $1000 x 800 + $300 x 400 = $920,000
Chapter19: Measuring Economic Performance
Section: Chapter Questions
Problem 6P
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Question
The country of Iran produces laptops and food processors. The table below shows
2013 | 2014 | 2015 | ||||
price | quantity | price | quantity | price | quantity | |
Laptops | $1,200 | 450 | $1,000 | 600 | $800 | 1000 |
Food Processors | $200 | 2000 | $300 | 1900 | $400 | 1600 |
Which of the following shows how to find 2014
Group of answer choices
A) $1200 x 600 + $200 x 1900 = $1,100,000
B) $800 x 600 + $400 x 1900 = 1,240,000
C) $1000 x 600 + $300 x 1900 = $1,170,000
D) $1000 x 1000 + $300 x 1600 = $1,480,000
E) $1000 x 800 + $300 x 400 = $920,000
Expert Solution
Step 1
Option B is correct.
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