(in millions) of each good sold as well as the price (in the Chirpistani currency, the “Cate- Coin" C). 3. Prime Minister Osiris gives you The following table, which shows the quantity Table 1: Chirpistan's Economy 2018 2018 Price 2016 2016 2017 2017 Quantity Price Quantity Quantity Price 12 Good 17 25 22 Kong Toys Chirp Noodles Insulin (Osiris is diabetic) Syringes for Insulin Shots Shock Collars Scratching Posts 15 10 3 50 3 51 11 57 80 4 80 13 89 10 4 12 18 31 15 12 13 19 21 17 11 9 10 16 10 Laser Pointers 10 66 9 66 17 60 (b) Using 2016 prices, what is Chirpistan's real GDP in 2017?

(in millions) of each good sold as well as the price (in the Chirpistani currency, the “Cate- Coin" C). 3. Prime Minister Osiris gives you The following table, which shows the quantity Table 1: Chirpistan's Economy 2018 2018 Price 2016 2016 2017 2017 Quantity Price Quantity Quantity Price 12 Good 17 25 22 Kong Toys Chirp Noodles Insulin (Osiris is diabetic) Syringes for Insulin Shots Shock Collars Scratching Posts 15 10 3 50 3 51 11 57 80 4 80 13 89 10 4 12 18 31 15 12 13 19 21 17 11 9 10 16 10 Laser Pointers 10 66 9 66 17 60 (b) Using 2016 prices, what is Chirpistan's real GDP in 2017?

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter18: Gaining From International Trade

Section: Chapter Questions

Problem 1CQ

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