(Table) the Associated Table Provides a Hypothetical Bundle of Goods

question 234

Multiple Choice

(Table) The associated table provides a hypothetical bundle of goods. If 2014 is selected as the base year, the value of nominal GDP in 2017 would be: $$\begin{array} { | l | c | c | c | c | c | c | } \hline \text { Product } & \mathbf { Q } _ { 2010 } & \mathbf { Q } _ { 2014 } & \mathbf { Q } _ { 2017 } & \mathbf { P } _ { 2010 } & \mathbf { P } _ { 2014 } & \mathbf { P } _ { 2017 } \\\hline \text { Apples (5-lb. bag) } & 10 & 11 & 12 & \$ 3.00 & \$ 4.00 & \$ 4.25 \\\hline \text { Coffee beans (1-lb. bag) } & 50 & 50 & 55 & \$ 8.00 & \$ 9.00 & \$ 10.00 \\\hline \text { Cereal (28-oz. box) } & 20 & 25 & 29 & \$ 3.50 & \$ 3.75 & \$ 3.75 \\\hline\end{array}$$

• A) $565.00.
• B) $500.00.
• C) $709.75.
• D) $651.75.

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Definitions:

Retail Stores

Physical locations where consumers can purchase goods or services directly from a business.

Customer Traffic

The flow or volume of customers visiting a business location, website, or engaging with a service, often used to gauge business performance and marketing effectiveness.

Reverse Order

A method or process that involves performing operations, sequences, or activities in the opposite direction from the usual or established arrangement.

Priority Rule

A principle or guideline used to determine the order in which tasks, projects, or customers are addressed based on their importance or urgency.