(Table: Three-Good Economy II) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and the prices of goods sold in 2008 and 2009. What is the growth rate of real GDP in 2009 if 2008 prices are used in the calculation of real GDP?
A) –3.71% B) –1.97% C) 1.00% D) 2.94%
(Table: Three-Good Economy II) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and the prices of goods sold in 2008 and 2009. If 2008 prices are used in the calculation of real GDP, then nominal GDP in 2009 is _____ and real GDP in 2009 is _____.
A) $34,310; $33,700
B) $35,350; $34,310
C) $33,700; $35,000
D) $35,000; $33,700
(Table: Three-Good Economy II) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and the prices of goods sold in 2008 and 2009. What is the growth rate of real GDP in 2009 if 2009 prices are used in the calculation of real GDP?
A) –3.71% B) –2.94% C) –1.97% D) 1.00%
(Table: Three-Good Economy II) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and the prices of goods sold in 2008 and 2009. What is the real GDP in 2009 if 2009 prices are used in the calculation of real GDP?
A) $33,700 B) $35,000 C) $34,310 D) $35,350
Table: Three-Good Economy II
Product Quantity (2008) Price (2008) Quantity (2009) Price (2009)
Computers 30 $1,000 28 $995
Pizzas 100 10 150 15
Burgers 200 200 210 20