An economy produces 10X, 20Y, and 30Z in a year. Base-year prices for these goods are $1, $2, and $3, respectively. Current-year prices for these goods are $2, $3, and $4, respectively. What is Real GDP?
A) $180
B) $200
C) $140
D) $240
E) none of the above
C
Economics
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When goods and services are produced at the lowest possible cost, ________ occurs
A) efficient central planning B) equity C) productive efficiency D) allocative efficiency
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GDP is a measure of:
a. domestic production. b. changes in the general level of prices. c. material well-being. d. social welfare.
Economics