Table 12-13 Consider the Data Shown Above for Vicuna, a Country That

question 32

Multiple Choice

Table 12-13
$$\begin{array} { | c | c | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Oranges } \\\text { Produced }\end{array} & \begin{array} { c } \text { Price af } \\\text { Oranges }\end{array} & \begin{array} { c } \text { Shirts } \\\text { Prodiced }\end{array} & \begin{array} { c } \text { Price af } \\\text { Shirts }\end{array} \\\hline 2009 & 1,800 & \$ 0.90 & 110 & \$ 30.00 \\\hline 2011 & 2,000 & 1.00 & 110 & 35.00 \\\hline\end{array}$$
Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts.
-Refer to Table 12-13.Real GDP for Vicuna for 2009 using 2011 as the base year equals

• A)$4,620.
• B)$5,100.
• C)$5,650.
• D)$5,850.

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Definitions:

Ideal Market

A theoretical or perfect market condition where there are many buyers and sellers, no barriers to entry, and complete access to information.

Rent-Seeking

Actions by individuals and groups designed to restructure public policy in a manner that will either directly or indirectly redistribute more income to themselves or the projects they promote.

Monopoly Power

The ability of a single seller or company to control the market price and supply of a product or service.

High-priced Rental

Property rental arrangements that are significantly more expensive than the average market rate.