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In a two good economy, only burritos and t-shirts are sold. In 2014, the base year, the price of a burrito was $7.50 and 200 burritos were sold. Meanwhile, in 2014, the price of a t-shirt was $5.00, and 1000 were sold. In 2015, the price of a burrito was $9.00 and 150 burritos were sold, and the price of a t-shirt was $6.00 and 900 t-shirts were sold. What was the GDP for 2014? Please include the dollar sign in your answer.

Respuesta :

Shahzaibfaraz

Answer:

The GDP for 2014 was $6500

Explanation:

GDP or Gross Domestic Product is the total value in monetary terms of all the finished goods and services produced in a country within a specific period of time. It is a measure of the valuation of the size of an economy and its growth rate. The GDP of an economy with only two goods can be calculated as follows,

GDP 2014 = 7.5 * 200 + 5 * 1000

GDP 2014 = $6500

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