Table 12-6
$$\begin{array} { | l | c | r | }
\hline \text { Product } & \text { Quantity } & \begin{array} { r }
\text { Price per } \
\text { Unit }
\end{array} \
\hline \text { Coke } & 10,000 & \$ 2 \
\hline \text { Phones } & 2,000 & 150 \
\hline \text { Backpacks } & 4,000 & 25 \
\hline \text { Hershey bars } & 8,000 & 1 \
\hline
\end{array}$$
-Refer to Table 12-6.Consider the table of production and price statistics for a small economy in 2013.If the economy only produces the four goods listed below,what is GDP for 2013?

Question

Table 12-6
 $$\begin{array} { | l | c | r | } 
\hline \text { Product } & \text { Quantity } & \begin{array} { r } 
\text { Price per } \
\text { Unit }
\end{array} \
\hline \text { Coke } & 10,000 & \$ 2 \
\hline \text { Phones } & 2,000 & 150 \
\hline \text { Backpacks } & 4,000 & 25 \
\hline \text { Hershey bars } & 8,000 & 1 \
\hline
\end{array}$$
-Refer to Table 12-6.Consider the table of production and price statistics for a small economy in 2013.If the economy only produces the four goods listed below,what is GDP for 2013?

Quizplus · Accepted Answer

GDP is the total value of all final goods and services produced in an economy in a given period of time. In this case, the GDP for 2013 is the sum of the values of the four goods produced:GDP = (10,000 * $2) + (2,000 * $150) + (4,000 * $25) + (8,000 * $1) = $428,000

Table 12-6 -Refer to Table 12-6