Table 19-18 A Very Simple Economy Produces Three Goods: Cameras,legal Services,and Books

question 130

Multiple Choice

Table 19-18
$$\begin{array} { | l | c | c | c | c | } \hline & \mathbf { 2 0 1 1 } & & \mathbf { 2 0 1 6 } & \\\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Camera } & 100 & \$ 10 & 120 & \$ 12 \\\hline \text { Legal services } & 50 & 15 & 45 & 20 \\\hline \text { Books } & 200 & 40 & 210 & 45 \\\hline\end{array}$$ A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above.
-Refer to Table 19-18.What is real GDP in 2016,using 2011 as the base year?

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

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Definitions:

Working-Class Families

Households whose members are primarily involved in manual labor or skilled trades, often characterized by lower income levels.

Piecework

A payment structure where workers are paid a fixed rate for each unit produced or action performed, rather than receiving an hourly wage.

Boarders

Individuals who rent a room or space for living within another's house, often including meals or other services.

Small Businesses

Enterprises with a small number of employees and relatively low volume of sales, playing a vital role in the economy.