Year 1 Year 2 Price Quantity Price Quantity Golf Balls Pizzas Suppose that in Ye
ID: 1192394 • Letter: Y
Question
Year 1
Year 2
Price
Quantity
Price
Quantity
Golf Balls
Pizzas
Suppose that in Year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. Using Year 1 as the base year, the value of real GDP in Year 1 is _____ and of real GDP in Year 2 is ________. (It might help you to put the information in a table like the one above.)
$900; $970
$900; $1000
$970; $1077.50
$1000; $1077.50
Year 1
Year 2
Explanation / Answer
$900; $970
a.$900; $970
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