Consider an economy in which only three goods , and are produced. and are consumption goods and the output of in a year is used up in production of and in that year. The following table gives the unit prices (, and rupees respectively) and the number of units produced (, and respectively) of each of the goods for three years I, II and III :
| Year | ||||||
|---|---|---|---|---|---|---|
| I | 1 | 2 | 2 | 5 | 1 | 2 |
| II | 1·5 | 3 | 2 | 6 | 1·5 | 4 |
| III | 1·5 | 6 | 3 | 6 | 2 | 5 |
What is the GDP (in rupees) at current prices in year II?
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Consider an economy in which only three goods X, Y and Z are produced. X and Y are consumption goods and the output of Z in a year is used up in production of X and Y in that year. The following table gives the unit prices (p_X, p_Y and p_Z rupees respectively) and the number of units produced (q_X, q_Y and q_Z respectively) of each of the goods for three years I, II and III: | Year | p_X | q_X | p_Y | q_Y | p_Z | q_Z | I | 1 | 2 | 2 | 5 | 1 | 2 | II | 1·5 | 3 | 2 | 6 | 1·5 | 4 | III | 1·5 | 6 | 3 | 6 | 2 | 5 | What is the GDP (in rupees) at current prices in year II? (A) 10·5 (B) 16·5 (C) 22·5 (D) 28·5
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This question is on What counts in GDP, part of National income accounting in Macroeconomics.
The boundary of GDP: which transactions and goods are counted and which are not.
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Question from the JNU SSS 2011 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.