Table 8-17
A very simple economy produces three goods: movies,burgers,and bikes.The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.
-Refer to Table 8-17.What is real GDP in 2018,using 2013 as the base year?

Question

Table 8-17
  A very simple economy produces three goods: movies,burgers,and bikes.The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.
-Refer to Table 8-17.What is real GDP in 2018,using 2013 as the base year?

Quizplus · Accepted Answer

Real GDP is calculated by valuing the quantities of goods and services produced in a given year using the prices from a base year. Without the specific data from Table 8-17, the correct answer cannot be determined from context or calculation. However, based on the question's structure, if C is indicated as the correct choice, it means that using the prices from the base year (2013) to value the goods and services produced in 2018 results in a real GDP of $6,360.

Table 8-17 a Very Simple Economy Produces Three Goods: Movies,burgers,and