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

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 10SCQ: Explain briefly whether each of the following would cause GDP to overstate or understate the degree...

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