If, in 2016, an economy's total production was 50 bushels of soybeans at $20 each and 40 gallons of honey at $15 per gallon, its gross domestic product would be
A) $400.
B) $600.
C) $1,000.
D) $1,600.

Question

Quizplus · Accepted Answer

- The calculation for soybeans would be: 50 bushels x $20/bushel = $1,000.
- The calculation for honey would be: 40 gallons x $15/gallon = $600.
- Adding the two together, the GDP would be $1,000 + $600 = $1,600.

If, in 2016, an Economy's Total Production Was 50 Bushels