Consider the following data, which shows the quantities and prices of two goods produced in the economy, to answer the following questions:
-Assuming these are the only two goods produced in the economy,what is the value of the gross domestic product (GDP)?
A) $110 million
B) $750 million
C) $2 million
D) $250 million
E) $500 million

Question

Consider the following data, which shows the quantities and prices of two goods produced in the economy, to answer the following questions: 
-Assuming these are the only two goods produced in the economy,what is the value of the gross domestic product (GDP)?
A) $110 million 
B) $750 million 
C) $2 million 
D) $250 million 
E) $500 million

Quizplus · Accepted Answer

The GDP is calculated as the total market value of all final goods and services produced within a country in a given period. Without specific quantities and prices of the goods, we assume the provided value represents the GDP. $750 million is the most plausible value for GDP among the options.

Consider the Following Data, Which Shows the Quantities and Prices