Use the Following Table for a Hypothetical Single-Product Economy Refer to the Data

question 26

Multiple Choice

Use the following table for a hypothetical single-product economy. $\begin{array}{c}\begin{array}{c}\\\underline{\text { Year }} \\ 1 \\2 \\3 \\4\end{array}\begin{array}{c}\text {Units of}\\\underline{\text { Output}}\\10\\12\\15\\20\end{array}\begin{array}{c}\text { Price of Bagel}\\\underline{\text { Per Unit}}\\\$ 10\\20\\ 30\\ 40\end{array}\begin{array}{c}\text {Price Index}\\\underline{\text {( Year 1=100) }}\\100\\200\\300\\400\end{array}\end{array}$
Refer to the data.Real GDP in year 4 is:

• A) $320.
• B) $450.
• C) $200.
• D) $800.

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Definitions:

Advancing Technology

The ongoing development and application of scientific knowledge to industrial or commercial objectives, leading to new or improved technologies and innovation.

Venture Capitalists

Persons or organizations that agree to provide some funds for a new business in exchange for an ownership interest or stock.