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question 25

Multiple Choice

$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Table 2.3
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 2007 $\quad$$\quad$$\quad$ 2010 $\quad$$\quad$$\quad$$\quad$ 2013
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Quantity Price $\quad$ Quantity Price $\quad$ Quantity Price
$$\begin{array} { | l | c | c | c | c | c | r | } \hline \text { Peaches } & 150 & \$ 0.20 & 170 & \$ 0.30 & 190 & \mathbf { \$ 0 . 4 0 } \\\hline \text { Tacos } & 75 & 0.80 & 80 & 1.00 & 100 & 1.20 \\\hline \text { Flashlights } & \mathbf { 4 0 } & 3.00 & 40 & 3.50 & 50 & \mathbf { 4 . 5 0 } \\\hline \text { Hamoricas } & \mathbf { 2 0 } & 14.00 & 25 & 16.00 & \mathbf { 3 0 } & 1 \mathbf { 8 . 0 0 } \\\hline\end{array}$$
Table 2.3 gives quantities and prices for each good produced in a simple economy in 2007, 2010, and 2013.
-Refer to Figure 2.3.Assume that 2010 is the base year.Real GDP in 2007 is

• A) $490.00.
• B) $568.00.
• C) $580.00.
• D) $671.00.

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Definitions:

African-Americans

A term referring to citizens or residents of the United States who have ancestry from any of the black racial groups of Africa.

Community Property

A legal framework in some jurisdictions whereby property acquired during a marriage is owned jointly by both spouses, regardless of who earned or purchased the property.

War of 1812

A military conflict between the United States and the United Kingdom and its allies, lasting from 1812 to 1815, largely over issues of trade and maritime rights.

Treaty of Greenville

A 1795 agreement between the United States and various Native American tribes which established a boundary line and aimed to end hostilities and secure rights to settlement.