Question

Refer to the table below which shows production data for a country. Real GDP for 2019...

Refer to the table below which shows production data for a country. Real GDP for 2019 is equal to

2018 2019 Price 2018 in $ Price 2019 in $
Chicken 50,000 40,000 10 13
Coconuts 100,000 90,000 1 1.20
Pineapples 30,000 20,000 1.90 1.90

Select one:

a. $657,000

b. $666,000

c. $528,000

d. It cannot be calculated given the data

e. none of the above

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Answer #1

d. It cannot be calculated with the given data

​​​​​​Real GDP is the value of quantities produced in a given year according to base year prices. It is equal to the sum of quantities in a year multiplied by their respective prices in base year.

So, to calculate Real GDP, we need to know the base year in the given data which is not given in ghe the question.

If base year is 2018, real GDP =

40,000*10+90,000*1+20,000*1.90 = 528,000

If base year is 2019, real GDP =

40,000*13+90,000*1.20+20,000*1.90 = 666,000.

Therefore, Real GDP

If base year is 2018 is 528,000

if base year is 2019 is 666,000.

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