Table 8-18 a Very Simple Economy Produces Three Goods: Cameras,legal

question 63

Multiple Choice

Table 8-18
A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.
-Refer to Table 8-18.What is real GDP in 2018,using 2018 as the base year?

• A)$28,885
• B)$11,790
• C)$11,200
• D)$10,275

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Definitions:

Net Realizable Value

The estimated selling price of goods minus the cost of their sale or disposal.

Liabilities With Priority

Liabilities with priority refer to debts or obligations that must be paid before others in the event of a liquidation or bankruptcy.

Liabilities With Priority

Financial obligations that must be paid before other debts in the event of a liquidation or bankruptcy.

Liquidated

The process of converting assets into cash or paying off liabilities using the company's assets at the end of its life or during bankruptcy.