Table 12-18 A Very Simple Economy Produces Three Goods: Cameras, Legal Services

question 212

Multiple Choice

Table 12-18
$$\begin{array} { | l | c | r | r | r | } \hline & { \mathbf { 2 0 0 8 } } & & { \mathbf { 2 0 1 3 } } & \\\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Camera } & 100 & \$ 10 & 120 & \$ 12 \\\hline \text { Legal services } & 50 & 15 & 45 & 20 \\\hline \text { Books } & 200 & 40 & 210 & 45 \\\hline\end{array}$$
A very simple economy produces three goods: cameras, legal services, and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above.
-Refer to Table 12-18.What is the GDP deflator in 2013 if 2013 is the base year?

• A)120
• B)118
• C)100
• D)87

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Definitions:

Union Army

The military land force that fought for the Northern states during the American Civil War, opposing the Confederate Army.

Added Manpower

An increase in the number of workers or employees within an organization or project, typically aimed at enhancing productivity or meeting higher demands.

Final Surrender

The act of officially ending conflict by conceding defeat, often marked by the signing of a document or public declaration, signaling the cessation of hostilities.

Civil War

A war between citizens of the same country, famously referring to the American Civil War from 1861 to 1865, which was fought over the issues of states' rights and slavery.