Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Refer to the above data.If year 2 is chosen as the base year, real GDP for year 1 is:
A)$25
B)$100
C)$50
D)$80

Question

Assume an economy which is producing only one product.Output and price data for a three-year period are as follows.  Refer to the above data.If year 2 is chosen as the base year, real GDP for year 1 is:
A)$25 
B)$100 
C)$50 
D)$80

Quizplus · Accepted Answer

The Answer of Assume an economy which is producing only one product.Output and price data for a three-year period are as follows.  Refer to the above data.If year 2 is chosen as the base year, real GDP for year 1 is:
A)$25 
B)$100 
C)$50 
D)$80

Assume an Economy Which Is Producing Only One Product