Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of thecotton is used to produce shirts.2012 StatisticsQuantity100856012,0002020 StatisticsQuantity Price115 $65.00120553.0030.0012,0000.07ProductShoesHamburgersShirtsCottona. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny)Price$52.003.0035.000.092021 StatisticsQuantityPrice110 $70.001357513,0003.5030.000.08

Real GDP= Current year quantity ×base year price

Answered: uppose the information in the following…

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Measuring The Cost Of Living

Section: Chapter Questions

Problem 3PA

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