Scenario: An economy produces only cell phones. In 2015, the economy manufactured 275 cell phones, and each cell phone sold for $200. In 2016, the economy manufactured 280 cell phones, but the price of each cell phone fell to $180.
-Refer to the scenario above.Using 2015 as the base year,what was the real GDP of the economy in 2015?
A) $45,000
B) $55,000
C) $57,500
D) $75,000
Correct Answer:
Verified
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