Use the Table Below to Answer the Following Question

question 48

Multiple Choice

Use the table below to answer the following question.
Table 20.4.2

-Refer to Table 20.4.2. An economy produces only digital cameras, chocolate bars, and watches. The table gives the quantities produced and prices in 2012 and 2013.
The base year is 2012.
The chained-dollar real GDP in 2013 is

• A)$34.
• B)$25.
• C)$147.
• D)$109.
• E)$36.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity of that good or service consumers are willing and able to purchase, typically downward sloping.

Price

The financial sum necessary for acquiring a good or service.

Willingness to Pay

The utmost expenditure an individual is comfortable making on a good or service, demonstrating the value they attribute to it.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating economic welfare.