Refer to the Following Table When Answering -Consider Table 2

question 85

Multiple Choice

Refer to the following table when answering .
In this economy, only two goods are produced: video games and pistachios.

Table 2.3: National Income Accounting
$$\begin{array} { l | r r } \hline & 2017 & 2018 \\\hline \text { Quantity of pistachios } & 1,000 & 1,100 \\\text { Quantity of video games } & 500 & 500 \\\text { Price of pistachios } & \$ 1.00 & \$ 1.50 \\\text { Price of video games } & \$ 15.00 & \$ 14.75 \\\hline\end{array}$$
-Consider Table 2.3. Using the Paasche index, real GDP in 2017 is:

• A) $8,475
• B) $8,500
• C) $8,600
• D) $9,150
• E) $8,875

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Definitions:

Equal Amounts

A term referring to identical quantities or volumes of a given item or resource, implying a state of equilibrium or balance.

Price of X

The amount of money required to purchase a specific good or service denoted as "X."

Lump Sum

A one-time payment for the total amount due, rather than breaking the payment into smaller installments.

Sales Tax

A tax paid to a governing body for the sales of certain goods and services, usually added to the price of the goods or service.