Answer to Question #80264 in Macroeconomics for princess

Question

discuss three methods of calculating GDP in this economy assuming that 1000 litres of milk were produced in 2018

Answer 1

Assuming that milk is the only product, which is manufactured by this economy, the country's GDP can be calculated as the product of output of milk and its price. If the milk's price is $2, the country's GDP will be 1000*$2=$2000