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

question 1

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: $$\begin{array} { | l | l | l | } \hline & \text { Pens } & \text { Pencils } \\\hline \text { Year 1 quantity } & 15 & 10 \\\hline \text { Year 1 price } & \$ 12 & \$ 12 \\\hline \text { Year 2 quantity } & 17 & 12 \\\hline \text { Year 2 price } & \$ 14 & \$ 15 \\\hline\end{array}$$
-What is the real GDP in year 2 using base year 1?

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

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Definitions:

Analytics

The systematic computational analysis of data or statistics to discover patterns, trends, or insights.

Company

A legal entity formed by a group of individuals to engage in and operate a business—commercial or industrial—enterprise.

Crowdsourcing

The practice of obtaining information, ideas, or content by soliciting contributions from a large group of people, typically from the online community, rather than from traditional employees or suppliers.

Low-cost

Referring to goods or services offered at a low price point, typically aiming to be affordable to a wide range of consumers.