Suppose a small economy produces only the three goods listed in the table below, the value of GDP in this economy is $27,000.
What is GDP?
GDP means Gross Domestic Product.
The GDP shows the monetary value of all finished goods and services produced in a country during a specific period.
Data and Calculations:
GDP Table
Product Price Quantity Total Value
Shovels $20 40 $800
Books 50 500 $25,000
Pizzas 10 120 $1,200
Total GDP = $27,000
Thus, suppose a small economy produces only the three goods listed in the table below, the value of GDP in this economy is $27,000.
Learn more about GDP at https://brainly.com/question/1383956
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