Suppose That the Following Table Represents the Goods and Services

Essay

Suppose that the following table represents the goods and services produced in a very simple closed economy in 2018.Assume that steel is used as an input in the production of cars.Using that information,calculate the GDP for the year 2018.
$$\begin{array} { | l | c | c | } \hline { \text { Product } } & \text { Quantity } & \text { Price } \\\hline \text { Steel } & 1500 & \$ 100 \\\hline \text { iPhones } & 5000 & \$ 300 \\\hline \text { Cars } & 500 & \$ 25000 \\\hline \text { Legal services } & 100 & \$ 2000 \\\hline\end{array}$$ _____________________________________________________________________________________________
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