Table 19-9
$$\begin{array} { | l | c | c | }
\hline \text { Product } & \text { Quantity } & \begin{array} { c }
\text { Price per } \
\text { Unit }
\end{array} \
\hline \text { Steel } & 1,000 & \$ 100 \
\hline \text { iPods } & 5,000 & 200 \
\hline \text { Autos } & 500 & 25,000 \
\hline \text { Legal services } & 100 & 2,000 \
\hline
\end{array}$$
-Refer to Table 19-9.Suppose that the above table represents the goods and services produced in a very simple economy in 2016.Assume that steel is used as an input in the production of autos.Using that information,calculate GDP for the year 2016.

Question

Table 19-9
 $$\begin{array} { | l | c | c | } 
\hline \text { Product } & \text { Quantity } & \begin{array} { c } 
\text { Price per } \
\text { Unit }
\end{array} \
\hline \text { Steel } & 1,000 & \$ 100 \
\hline \text { iPods } & 5,000 & 200 \
\hline \text { Autos } & 500 & 25,000 \
\hline \text { Legal services } & 100 & 2,000 \
\hline
\end{array}$$
-Refer to Table 19-9.Suppose that the above table represents the goods and services produced in a very simple economy in 2016.Assume that steel is used as an input in the production of autos.Using that information,calculate GDP for the year 2016.

Quizplus · Accepted Answer

The Answer of Table 19-9
 $$\begin{array} { | l | c | c | } 
\hline \text { Product } & \text { Quantity } & \begin{array} { c } 
\text { Price per } \
\text { Unit }
\end{array} \
\hline \text { Steel } & 1,000 & \$ 100 \
\hline \text { iPods } & 5,000 & 200 \
\hline \text { Autos } & 500 & 25,000 \
\hline \text { Legal services } & 100 & 2,000 \
\hline
\end{array}$$
-Refer to Table 19-9.Suppose that the above table represents the goods and services produced in a very simple economy in 2016.Assume that steel is used as an input in the production of autos.Using that information,calculate GDP for the year 2016.

Table 19-9 -Refer to Table 19-9