Refer to the Following Table When Answering the Following Questions

question 107

Multiple Choice

Refer to the following table when answering the following questions.
Table 2.2: U.S. 2014-2015 Domestic Income ($ billions)
-Consider Table 2.2. From this data, total GDP in 2014 was about ________ billion.

• A) $13,219
• B) $14,963
• C) $18,527
• D) $17,651
• E) $17,765

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Definitions:

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a certain price over a specified period.

Price Effect

The impact on consumer demand and company revenue as the cost of a good or service changes.

Quantity Effect

The impact on total revenue that results from changing the quantity of goods or services sold, holding all else constant.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively defined as the percentage change in quantity demanded divided by the percentage change in price.