The nation of priewestan produces only two goods, chips and dip. calculate the gdp for priewestan if dip retails for $3.00 a pound and 10 pounds are produced while chips sell for $2.00 a pound and 20 pounds are produced. question 1 options: $1,200.00 $150.00 $30.00 $70.00

Yes the correct answer was

$70.00  

The fourth alternative is correct (D).

GDP is the sum of all goods, products and services produced by an economy in a given measurement period, usually one year.

The case of the Priewestan nation is simplistic, they produce only two goods: potato chips and dip.

In this case, GDP is the sum of the revenue that both revenues earn together.

Dips: 10lbs x $ 3 = $ 30

Chips:  20lbs x $ 2 = $ 40

GDP: = $ 70

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