Chat with AIExam 9: Markets for Factors of Production and the Monetary System
Exam 1: Economic Methods and Optimization: Doing the Best You Can6 Questions
Exam 2: Demand, Supply, and Equilibrium7 Questions
Exam 3: Consumers and Incentives,the Wealth of Nations: Defining and Measuring Macroeconomic Aggregates45 Questions
Exam 4: Sellers and Incentives,aggregate Incomes29 Questions
Exam 5: Perfect Competition and the Invisible Hand, Economic Growth20 Questions
Exam 6: Trade and Why Isnt the Whole World Developed16 Questions
Exam 7: Externalities and Public Goods, Employment and Unemployment12 Questions
Exam 8: The Government in the Economy: Taxation and Regulation, Credit Markets25 Questions
Exam 9: Markets for Factors of Production and the Monetary System21 Questions
Exam 10: Monopoly and Short-Run Fluctuations13 Questions
Exam 11: Game Theory and Strategic Play8 Questions
Exam 12: Oligopoly and Monopolistic Competition15 Questions
Exam 13: Trade-Offs Involving Time and Risk and Open Economy Macroeconomics28 Questions
Exam 14: Social Economics and Auctions and Bargaining13 Questions
Exam 15: Web: Financial Decision Making31 Questions
Exam 16: Web: Economics of Life, Health, and the Environment68 Questions
Exam 17: Web: Political Economy76 Questions
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An economy produces only cell phones. In 2015, the economy manufactured 275 cell phones, and each cell phone sold for $200. In 2016, the economy manufactured 280 cell phones, but the price of each cell phone fell to $180.
-Refer to the scenario above. Using 2015 as the base year, what was the real GDP of the economy in 2016?
(Multiple Choice)
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