Consider the Following Data, Which Shows the Quantities and Prices

question 49

Multiple Choice

Consider the following data, which shows the quantities and prices of two goods produced in the economy, to answer the questions that follow.

-Assuming these are the only two goods produced in the economy,what is the value of the GDP?

• A) $110 million
• B) $750 million
• C) $2 million
• D) $250 million
• E) $500 million

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Definitions:

Conservative

A political and social philosophy promoting traditional values and institutions, typically resistant to rapid change.

Formulaic

Pertaining to or based on a formula; following a fixed and conventional method or style, especially in art, literature, or music.

Palette

A flat surface on which an artist mixes paint colors, or metaphorically, the range of colors used in a particular painting or by an artist.

Narmer

An ancient Egyptian pharaoh who is considered the unifier of Upper and Lower Egypt and the founder of the First Dynasty, around 3100 BCE.