To calculate the Gross Domestic Product (GDP) of a country, you need to add up the total value of all goods and services produced in that country within a given period. In this case, we are given the quantities and prices of three different goods/services produced in one year.

Here's how you can calculate it:

1. First, calculate the total value of the computers produced. This is done by multiplying the quantity of computers by the price of each computer. So, 1,000 computers * $800/computer = $800,000.

2. Next, calculate the total value of the cars produced. This is done by multiplying the quantity of cars by the price of each car. So, 500 cars * $20,000/car = $10,000,000.

3. The total value of medical services provided is already given as $200,000.

4. Finally, add up these three amounts to get the total GDP. So, $800,000 (computers) + $10,000,000 (cars) + $200,000 (medical services) = $11,000,000.

So, the approximate GDP of this country in that year was $11,000,000.

Question

To calculate the Gross Domestic Product (GDP) of a country, you need to add up the total value of all goods and services produced in that country within a given period. In this case, we are given the quantities and prices of three different goods/services produced in one year.

Here's how you can calculate it:

1. First, calculate the total value of the computers produced. This is done by multiplying the quantity of computers by the price of each computer. So, 1,000 computers * $800/computer = $800,000.

2. Next, calculate the total value of the cars produced. This is done by multiplying the quantity of cars by the price of each car. So, 500 cars * $20,000/car = $10,000,000.

3. The total value of medical services provided is already given as $200,000.

4. Finally, add up these three amounts to get the total GDP. So, $800,000 (computers) + $10,000,000 (cars) + $200,000 (medical services) = $11,000,000.

So, the approximate GDP of this country in that year was $11,000,000.

Knowee AI · Accepted Answer

To calculate the Gross Domestic Product (GDP) of a country, you need to add up the total value of all goods and services produced in that country within a given period. In this case, we are given the quantities and prices of three different goods/services produced in one year.

Here's how you can calculate it:

1. First, calculate the total value of the computers produced. This is done by multiplying the quantity of computers by the price of each computer. So, 1,000 computers * $800/computer = $800,000.

2. Next, calculate the total value of the cars produced. This is done by multiplying the quantity of cars by the price of each car. So, 500 cars * $20,000/car = $10,000,000.

3. The total value of medical services provided is already given as $200,000.

4. Finally, add up these three amounts to get the total GDP. So, $800,000 (computers) + $10,000,000 (cars) + $200,000 (medical services) = $11,000,000.

So, the approximate GDP of this country in that year was $11,000,000.

If a country produces the following goods and services in one year: 1,000 computers, each sold for $800; 500 cars, sold for $20,000 each; and $200,000 worth of medical services provided. Based on this information, what was the approximate GDP of this country that year?

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