Question
1988 1989
Quantity Price ($) Quantity Price ($)
Milk 10 1.00 15 1.20
Butter 8 0.50 20 0.50
Eggs 8 0.25 4 1.00
The table above gives the prices and quantities for a hypothetical country that only produces milk, butter, and eggs. With 1988 as the base year, what is the Real GDP in 1989?
(1 point)
Responses
$26
26 dollars
$16
16 dollars
$24
24 dollars
$32
Answers
Answered by
GPT 3.5
To calculate the Real GDP in 1989 using 1988 as the base year, we need to multiply the quantities in 1989 by the prices in 1988.
For Milk: 15 (quantity in 1989) * 1.00 (price in 1988) = 15
For Butter: 20 (quantity in 1989) * 0.50 (price in 1988) = 10
For Eggs: 4 (quantity in 1989) * 0.25 (price in 1988) = 1
Adding these together: 15 + 10 + 1 = 26
Therefore, the Real GDP in 1989 is $26.
So, the correct answer is:
$26
26 dollars
For Milk: 15 (quantity in 1989) * 1.00 (price in 1988) = 15
For Butter: 20 (quantity in 1989) * 0.50 (price in 1988) = 10
For Eggs: 4 (quantity in 1989) * 0.25 (price in 1988) = 1
Adding these together: 15 + 10 + 1 = 26
Therefore, the Real GDP in 1989 is $26.
So, the correct answer is:
$26
26 dollars
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