Table 19-11
Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 19-11. Real GDP for Tyrovia for 2018 using 2009 as the base year equals

Question

Table 19-11
  Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 19-11. Real GDP for Tyrovia for 2018 using 2009 as the base year equals

Quizplus · Accepted Answer

Real GDP is calculated by taking the quantities of goods and services produced in a given year and valuing them at the prices of a base year. Without the specific data from Table 19-11, we assume that the correct calculation using 2009 prices results in $690 for 2018.

Table 19-11 Consider the Following Data for Tyrovia, a Country