Good Year 1 Year 2 Price Quantity Price Quantity Steak $15 1,000 $20.00 800 Potato $1 50,000 $0.50 60,000 a. $72,000 Ob. $46,000 Oc. $76,000 d. $34,600 A small economy only produces two goods: steak and potatoes. This information is shown in the table. Based on the table, if year 1 is the base year, real GDP in year 2 is | a) 72,000 b) 46,000 c) 76,000 d) 34,600

Good Year 1 Year 2 Price Quantity Price Quantity Steak $15 1,000 $20.00 800 Potato $1 50,000 $0.50 60,000 a. $72,000 Ob. $46,000 Oc. $76,000 d. $34,600 A small economy only produces two goods: steak and potatoes. This information is shown in the table. Based on the table, if year 1 is the base year, real GDP in year 2 is | a) 72,000 b) 46,000 c) 76,000 d) 34,600

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 18P

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