If an economy produced 220 pounds of jelly beans at $5 per pound and 90 pounds of gum drops at $2 per pound in 2016, its real gross domestic product (GDP) was

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To calculate the real GDP, we need to multiply the quantity of goods produced in the current year with the base year price. Let's assume the base year is also 2016. The value of jelly beans produced in 2016 is $1,100 (220 pounds x $5 per pound). Similarly, the value of gum drops produced in 2016 is $180 (90 pounds x $2 per pound). Therefore, the real GDP is the sum of these two values, which is $1,280.

If an Economy Produced 220 Pounds of Jelly Beans at $5