Schultzk060
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Katniss works for the Panem Bureau of Economic Analysis. Panem produces three goods: bread and axes, as well as wheat, which is used to make bread. The table below records the quantities and market prices of each good produced in 2020. Good produced Quantity Market price (in dollars) bread 7,000.00 loaves 10.00 wheat 1,750.00 bushels 2. axes 500.00 axes 100.00 Assuming Panem does not produce anything else in 2020, GDP is equal to $ ​

Sagot :

Good produced Quantity Market price

Bread =7,000.00 loaves × $10.00=$70,000.00

Axes= 500.00 axes ×$100.00=$50,000.00

GDP=$70,000.00+$50,000.00

GDP=$120,000.00

Assuming Panem does not produce anything else in 2020, GDP will be equal to $123,500

Based on the information given in the question, the gross domestic product will be calculated as:

  • Bread = $7000 × 10 = $70000
  • Wheat = $1750 × 2 = $3500
  • Axes = $500 × 100 = $50000
  • GDP = $123,500

The gross domestic product refers to the value of the goods that are produced in an economy. Therefore, the gross domestic product is $123,500

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