Question
Question 7 Suppose that an economy produces four products: DVDs, iPads, movies and shirts.The base year is 2016.Suppose the quantities produced and their corresponding prices
Question 7
Suppose that an economy produces four products: DVDs, iPads, movies and shirts.The base year is 2016.Suppose the quantities produced and their corresponding prices for 2019 and 2016 are shown in the following table:
2016
2019
Product
Quantity
Price
Quantity
Price
DVDs
100
$10
200
$10
iPads
100
$400
200
$300
Movies
1,000
$10
800
$12
Shirts
600
$15
600
$12
What was Real GDP in 2019?
a)$99,000
b)$50,200
c)$60,000
d)$78,800
Question 8
Suppose that an economy produces four products: DVDs, iPads, movies and shirts.The base year is 2016.Suppose the quantities produced and their corresponding prices for 2019 and 2016 are shown in the following table:
2016
2019
Product
Quantity
Price
Quantity
Price
DVDs
100
$10
200
$10
iPads
100
$400
200
$300
Movies
1,000
$10
800
$12
Shirts
600
$15
600
$12
What was the growth rate in Real GDP between 2016 and 2019?
a)25%
b)65.0%
c)-25.0%
d)33.33%
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Principles of economics
Authors: N. Gregory Mankiw
6th Edition
978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042
