Table 12-17 A Very Simple Economy Produces Three Goods: Movies, Burgers, and |

question 228

Multiple Choice

Table 12-17
$$\begin{array} { | l | c | c | c | c | } \hline & { \mathbf { 2 0 0 6 } } && \mathbf { 2 0 1 3 } & \\\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Movies } & 20 & \$ 6.00 & 30 & \$ 7.00 \\\hline \text { Burgers } & 100 & 2.00 & 90 & 2.50 \\\hline \text { Bikes } & 3 & 1,000.00 & 6 & 1,100.00 \\\hline\end{array}$$
A very simple economy produces three goods: movies, burgers, and bikes.The quantities produced and their corresponding prices for 2006 and 2013 are shown in the table above.
-Refer to Table 12-17.What is real GDP in 2013,using 2006 as the base year?

• A)$3,320
• B)$3,690
• C)$6,360
• D)$7,035

---

Definitions:

Confidence Interval

A continuum of values, originating from sample-derived statistics, that is considered likely to embrace the value of a mysterious population parameter.

Breaking Strength

The amount of stress or force required to break a material, often measured in pounds or kilograms.

Confidence Level

Confidence level represents the probability that an interval estimate will include the true population parameter, often expressed as a percentage.

Normally Distributed

Describes a distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence.