In one year, all the output shown in the table was produced and sold within Rydal.
| Type of output | Quantity produced and sold | Average price per unit |
|---|---|---|
| Cinema admissions | 8 million | £9 |
| Bicycles | 600,000 | £350 |
Calculate the total value of the output shown in the table that would be included in Rydal's GDP.
Explain why GDP measures this output in money terms rather than by adding the quantities produced.
78 exam-style questions on OCR GCSE Economics 3.1 Economic growth, covering 3.1.1 What is economic growth, 3.1.2 Calculate economic growth using GDP, 3.1.3 Explain how growth is measured, 3.1.4 Analyse GDP data, 3.1.5 Determinants of economic growth, and 3.1.6 Costs and benefits of economic growth. Each one has a worked solution and a mark scheme showing where the marks go.