Table 19-18 a Very Simple Economy Produces Three Goods: Cameras

question 149

Multiple Choice

Table 19-18
A very simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above.
-Refer to Table 19-18. What is nominal GDP in 2013 when 2008 is the base year?

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

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Definitions:

Brainstorming

A collaborative idea generation process where participants freely share thoughts and solutions to a problem without immediate criticism.

Organization Financially

Refers to the financial health, management, and stability of an organization, including aspects like budgeting, revenue generation, and financial planning.

Excessive Amounts

Quantities that surpass what is normal, necessary, or reasonable, often leading to negative consequences or inefficiency.

Entire Organization

Refers to encompassing all departments, employees, and processes in a holistic view of the organization.