Table 19-17 A Very Simple Economy Produces Three Goods: Movies,burgers,and Bikes

question 123

Multiple Choice

Table 19-17
$$\begin{array} { | l | c | c | c | c | } \hline & \mathbf { 2 0 1 1 } & & \mathbf { 2 0 1 6 } & \\\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Movies } & 20 & \$ 6.00 & 30 & \$ 7.00 \\\hline \text { Burgers } & 100 & 2.00 & 90 & 2.50 \\\hline \text { Bikes } & 3 & 1,000.00 & 6 & 1,100.00 \\\hline\end{array}$$ A very simple economy produces three goods: movies,burgers,and bikes.The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above.
-Refer to Table 19-17.What is nominal GDP in 2016?

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

---

Definitions:

Population Proportion

The fraction of individuals in a population who have a particular characteristic.

Confidence Intervals

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a certain degree of confidence.

Point Estimates

Statistical measures that provide the best single estimation of an unknown population parameter.

Unbiased Estimator

A statistic used to estimate a parameter that is expected to equal the true parameter of the population.