Multiple Choice
Consider a small country producing only two commodities (coffee beans and corn) . Following are the price and output of these two commodities in the year 2008: Assuming the price level in the economy remains same while the output of both these products increase by 10 percent in 2009, calculate the value of real GDP in this country for the year 2009?
Price
Quantity
$12
500 lbs. of coffee beans
$6
600 bushels of corn
A) $9,600
B) $10,560
C) $1,056
D) $6,900
E) $10, 960
Correct Answer:
Verified
Correct Answer:
Verified
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