4. Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below. Goods Apples Bananas Carrots Quantities Produced 5 10 20 Price $ 2.00 1.00 1.50 a. What is this country's GDP? b. Suppose that a drought hits this country, causing the quantity of apples produced to fall to 2 apples. Assuming all prices remain constant, what is the country's new GDP?

4. Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below. Goods Apples Bananas Carrots Quantities Produced 5 10 20 Price $ 2.00 1.00 1.50 a. What is this country's GDP? b. Suppose that a drought hits this country, causing the quantity of apples produced to fall to 2 apples. Assuming all prices remain constant, what is the country's new GDP?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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