For the Following Question(s), Suppose an Economy Produces Only Pens

question 14

Multiple Choice

For the following question(s) , suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table:

-What is the real GDP in year 2 using base year 1?

• A) $418
• B) $300
• C) $360
• D) $338
• E) $294

---

Definitions:

Quantifier

In logic, an expression (such as "all", "some", or "no") that indicates the quantity of specimens to which a proposition applies.

Atomic Open Sentence

A sentence in formal logic that contains a variable and becomes a proposition when the variable is replaced by a definite term.

Truth-functional

Pertaining to a logical or linguistic expression whose truth or falsehood depends only on the truth or falsehood of its components.

Atomic

Pertaining to atoms, the smallest units of matter that retain the properties of an element.