The Table Below Shows the Total Output and Prices for an Economy

question 85

Multiple Choice

The table below shows the total output and prices for an economy that produces only two goods,potatoes and oil.Data is provided for the years 2008 and 2018. Quantities Produced Prices TABLE 20-6
Refer to Table 20-6.What is the real GDP for 2018 if 2008 is the base year?

• A)$6750
• B)$7975
• C)$9000
• D)$10 500
• E)$20 100

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Definitions:

Common Law

The body of law derived from judicial decisions of courts and similar tribunals, rather than from statutes or official codes.

Contracts

Legally binding agreements between two or more parties that are enforceable by law.

Restraint of Trade

Practices or agreements that restrict competition or control prices within a business context, often considered illegal or subject to regulation.

Sherman Act

A foundational antitrust law enacted in 1890 to combat anti-competitive practices, reduce market monopolies, and foster competition in the U.S. economy.