The Table Below Shows Total Output for an Economy Over

question 22

Multiple Choice

The table below shows total output for an economy over 2 years.
TABLE 20-5
-Refer to Table 20-5.The real GDP in 2016,expressed in 2015 prices,was

• A)$700.
• B)$840.
• C)$970.
• D)$1010.
• E)$1740.

---

Definitions:

Aggregate Income

The total income earned by all individuals in an economy from all sources, including wages, rental income, and investment income, during a given time period.

Aggregate Consumption

The total amount of goods and services consumed in an economy over a specific time period.

Consumption Function

A formula in economics that depicts the correlation between overall consumption and the gross national income.

Aggregate Income

The total sum of income earned by individuals and businesses in an economy over a specified period.