The Table Given Below Lists the Price Per Unit and Output

question 13

Multiple Choice

The table given below lists the price per unit and output of computers and calculators (the only two goods produced by a nation) for the years 1995 and 2003.?

-Refer to Table 5.6. What is the constant-dollar real GDP growth from 1995 to 2003 using 2003 as the base year?

• A) 50 percent
• B) Zero percent
• C) -75 percent
• D) 100 percent
• E) 14 percent

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Definitions:

Cable TV Service

A subscription-based service that delivers television programming through coaxial or fiber-optic cables.

Inelastic

Describing demand or supply with little to no response to changes in price.

Quantity Demanded

The amount of a good or service that consumers are willing to purchase at a given price over a specified period.

Price Elasticity

A measure in economics of how the quantity demanded of a good or service changes in response to a change in its price.