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Scenario: A country produces only one good. It produced 5,000 units of the good during Year 1 and ...

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Scenario: A country produces only one good. It produced 5,000 units of the good during Year 1 and ...

Scenario: A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.

Refer to the scenario above. The real GDP of the country in Year 2 was ________.

▸ $32,000,000

▸ $240,000

▸ $1,420,000

▸ $1,680,000

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 41 times

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