Table 19-6
$$\begin{array} { | l | c | c | }
\hline { \text { Product } } & \text { Quantity } & \text { Price per Unit } \
\hline \text { Coke } & 10,000 & \$ 2 \
\hline \text { iPhones } & 2,000 & 150 \
\hline \text { Backpacks } & 4,000 & 25 \
\hline \text { Hershey bars } & 8,000 & 1 \
\hline
\end{array}$$
-Refer to Table 19-6.Consider the table of production and price statistics for a small economy in 2013.If the economy only produces the four goods listed below,what is GDP for 2013?
A)$428,000
B)$267,000
C)$24,000
D)$1,424

Question

Table 19-6
 $$\begin{array} { | l | c | c | } 
\hline { \text { Product } } & \text { Quantity } & \text { Price per Unit } \
\hline \text { Coke } & 10,000 & \$ 2 \
\hline \text { iPhones } & 2,000 & 150 \
\hline \text { Backpacks } & 4,000 & 25 \
\hline \text { Hershey bars } & 8,000 & 1 \
\hline
\end{array}$$
-Refer to Table 19-6.Consider the table of production and price statistics for a small economy in 2013.If the economy only produces the four goods listed below,what is GDP for 2013?
A)$428,000
B)$267,000
C)$24,000
D)$1,424

Quizplus · Accepted Answer

GDP is calculated by summing the products of quantities and prices for all goods: (10,000 * $2) + (2,000 * $150) + (4,000 * $25) + (8,000 * $1) = $428,000.

Table 19-6 -Refer to Table 19-6