Table 19-6

-Refer to Table 19-6. Consider the table of production and price statistics for a small economy in 2018. If the economy only produces the four goods listed below, what is GDP for 2018?

Question

Table 19-6
 
-Refer to Table 19-6. Consider the table of production and price statistics for a small economy in 2018. If the economy only produces the four goods listed below, what is GDP for 2018?

Quizplus · Accepted Answer

GDP is calculated by summing the products of the quantities and prices of all goods produced. The correct calculation results in $428,000.

Table 19-6 -Refer to Table 19-6. Consider the Table of Production and Table