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

question 138

Multiple Choice

Table 12-17
$\begin{array}{|c|c|c|c|c|}\hline & 2013 & & 2018 & \\\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Movies } & 20 & \$ 6.00 & 30 & \$ 7.00 \\\hline \text { Burgers } & 100 & 2.00 & 90 & 2.50 \\\hline \text { Bikes } & 3 & 1,000.00 & 6 & 1,100.00 \\\hline\end{array}$ A very simple economy produces three goods: movies, burgers, and bikes. The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.
-Refer to Table 12-17.What is nominal GDP in 2013?

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

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Definitions:

Symbolic Form

A representation of an idea or concept through symbols or a symbolic system.

Components

Components are parts or elements that make up a whole system, machine, or structure.

Connective

A word or phrase in logic that connects propositions, such as "and," "or," "if...then," indicating the relationship between them.

Consistent

In a logical sense, a set of statements is consistent if they can all be true at the same time; more generally, acting or done in the same way over time.