United Kingdom 2023 Price Quantity Food Pounds .8/Ton 50,000 Tons Cars Pounds 8,000/Car 100 Cars 2024 Price Pounds 1/Ton Quantity 60,000 Pounds 10,000/Car 120 Cars
United Kingdom 2023 Price Quantity Food Pounds .8/Ton 50,000 Tons Cars Pounds 8,000/Car 100 Cars 2024 Price Pounds 1/Ton Quantity 60,000 Pounds 10,000/Car 120 Cars
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
ChapterA: The Use Of Mathematics In Principles Of Economics
Section: Chapter Questions
Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?
Question
The exchange rate between the United States and the United Kingdom is 1.25 dollars per pound. Which economy has a higher real GDP in 2024 based in 2023 US Dollars.
(a) United Kingdom by 15%
(b) United States by 66%
(c) United States by 28%
(d) Output is equivalent in 2023 US Dollars
Transcribed Image Text:United Kingdom
2023
Price
Quantity
Food
Pounds .8/Ton
50,000 Tons
Cars
Pounds 8,000/Car
100 Cars
2024
Price
Pounds 1/Ton
Quantity
60,000
Pounds 10,000/Car 120 Cars
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