Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Table 8-18 2013 2018 Product Quantity Price Quantity Price Camera 100 $10 120 $12 Legal services 50 15 45 20 Books 200 40 210 45
Table 8-18
2013 | 2018 | |||
Product | Quantity | Price | Quantity | Price |
Camera | 100 | $10 | 120 | $12 |
Legal services | 50 | 15 | 45 | 20 |
Books | 200 | 40 | 210 | 45 |
A very simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.
1. Refer to Table 8-18. What is real GDP in 2018, using 2013 as the base year?
Group of answer choices
$28,885
$11,790
$11,200
$10,275
2. Refer to Table 8-18. What is the GDP deflator in 2018 if 2018 is the base year?
Group of answer choices
120
118
100
87
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started