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

question 26

Multiple Choice

For the following question(s) , suppose that an economy produces only bread and computers. Assume that all production is consumed in each year, and that price and quantity data are given in the table below.

-Significant problems with measuring real GDP and the price level include

• A) changes in the number of consumers.
• B) changes in relative price levels.
• C) changes in standards of living.
• D) purchases of used goods.
• E) changes in consumption patterns.

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Definitions:

Contract Manufactures

Companies engaged in producing goods or components for other companies under a contract, rather than producing their own brand products.