Refer to Table 13 -Refer to Table 13

question 35

Multiple Choice

Refer to Table 13.1 for the following questions.
Table 13.1 A very simple economy producing three goods: movies, burgers, and bikes. $$\begin{array} { | c | c | c | c | c | } \hline & { 2012 } &&{ 2017 } \\\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Movies } & 20 & \$ 6 & 30 & \$ 7.00 \\\hline \text { Burgers } & 100 & \$ 2 & 90 & \$ 2.50 \\\hline \text { Bikes } & 3 & \$ 1000 & 6 & \$ 1100 \\\hline\end{array}$$ $$\begin{array} { | c | c | c | c | c | } \hline & { 2012 } && { 2017 } \\\hline \text { Praduct } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Movies } & 20 & \$ 6 & 30 & \$ 7.00 \\\hline \text { Burgers } & 100 & \$ 2 & 90 & \$ 2.50 \\\hline \text { Bikes } & 3 & \$ 1000 & 6 & \$ 1100 \\\hline\end{array}$$
-Refer to Table 13.1.What is real GDP in 2017,using 2012 as the base year?

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

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Definitions:

Producing Gasoline

The process of refining crude oil into gasoline, involving several stages including distillation and chemical treatment.

Public Transportation

Public Transportation encompasses various modes of transport offered to the public, including buses, trains, and subways, aimed at facilitating mobility with reduced individual vehicle usage.

Demand Curve

A graphical representation of the relationship between the quantity of a good that consumers are willing and able to purchase and the price.

Substitutes

Goods or services that can replace each other in use, providing the consumer with a choice.