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:

Quality Function Deployment (QFD)

A process for determining customer requirements (customer “wants”) and translating them into the attributes (the “hows”) that each functional area can understand and act on.

Value Engineering

An organized approach to enhancing the "value" of products and services through a functional analysis.

Environmentally Friendly Designs

Designs that minimize negative impacts on the environment through sustainable practices and materials.