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

question 148

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 nominal GDP in 2016 when 2011 is the base year?

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

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Definitions:

Modified Rebuy

A purchasing scenario in which a buyer is willing to reconsider and potentially modify the specifications, suppliers, or price of items previously bought.

Product Specifications

Detailed descriptions of the technical and operational requirements of a product, including its design, features, and performance criteria.

Buy Classes

Categories of purchasing decisions characterized by the level of complexity and involvement required, differing between new buys, modified rebuys, and straight rebuys.