A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2015 . Prices and Quantities Year Price ofMovies Quantity of Movies Price of Popcorn Quantity ofPopcorn 2014 $10.00 500 $5 1000 2015 $11.00 600 $4 900 2016 $12.00 650 $5 950 2017 $12.00 625 $6 925 Refer to Table 23-10. What was this country’s real GDP in 2016? a. $11,250 b. $12,550 c. $10,575 d. $10,950

A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2015 . Prices and Quantities Year Price ofMovies Quantity of Movies Price of Popcorn Quantity ofPopcorn 2014 $10.00 500 $5 1000 2015 $11.00 600 $4 900 2016 $12.00 650 $5 950 2017 $12.00 625 $6 925 Refer to Table 23-10. What was this country’s real GDP in 2016? a. $11,250 b. $12,550 c. $10,575 d. $10,950

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.1CE

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Year	Price of Movies	Quantity of Movies	Price of Popcorn	Quantity of Popcorn
2014	$10.00	500	$5	1000
2015	$11.00	600	$4	900
2016	$12.00	650	$5	950
2017	$12.00	625	$6	925