Figure 1

$\begin{array}{ccccc}
\text { Year } & \begin{array}{c}
\text { Price of } \
\text { pens }
\end{array} & \begin{array}{c}
\text { Quantity of } \
\text { pens }
\end{array} & \text { Price of books } & \begin{array}{c}
\text { Quantity of } \
\text { books }
\end{array} \
\hline 2013 & \text { R57 } & 100 & \text { R190 } & 50 \
2014 & \text { R57 } & 120 & \text { R228 } & 70 \
2015 & \text { R76 } & 120 & \text { R266 } & 70
\end{array}$
-Refer to Figure 1.What is the value of real GDP for 2014?

Question

Figure 1
 
$\begin{array}{ccccc}
\text { Year } & \begin{array}{c}
\text { Price of } \
\text { pens }
\end{array} & \begin{array}{c}
\text { Quantity of } \
\text { pens }
\end{array} & \text { Price of books } & \begin{array}{c}
\text { Quantity of } \
\text { books }
\end{array} \
\hline 2013 & \text { R57 } & 100 & \text { R190 } & 50 \
2014 & \text { R57 } & 120 & \text { R228 } & 70 \
2015 & \text { R76 } & 120 & \text { R266 } & 70
\end{array}$
-Refer to Figure 1.What is the value of real GDP for 2014?

Quizplus · Accepted Answer

The value of real GDP is calculated by multiplying the quantity of each good by its base year price and then adding the results. In this case, the base year is 2013.For 2014, the value of real GDP is:(120 x R57) + (70 x R190) = R20 140

Figure 1 -Refer to Figure 1