Consider the data in Table 1. Table 1: Economy-wide Product and Prices by Year 2005 Quantity Apples $2.25 Oranges $3.50 0 0% 0 7.5% 0 10% Price 15% 12 8 2006 Price Quantity $2.00 Assuming that production in both years consisted entirely of apples and oranges, the nominal GDP growth rate between 2005 and 2006 was: $3.00 10 10 Consider the data in Table 1. Table 1: Economy-wide Product and Prices by Year 2005 Quantity Apples $2.25 Oranges $3.50 O 0% O 7.5% O 10% Price 15% 12 3 8 2006 Price Quantity $2.00 Assuming that production in both years consisted entirely of apples and oranges, the nominal GDP growth rate between 2005 and 2006 was: $3.00 10 10

Consider the data in Table 1. Table 1: Economy-wide Product and Prices by Year 2005 Quantity Apples $2.25 Oranges $3.50 0 0% 0 7.5% 0 10% Price 15% 12 8 2006 Price Quantity $2.00 Assuming that production in both years consisted entirely of apples and oranges, the nominal GDP growth rate between 2005 and 2006 was: $3.00 10 10 Consider the data in Table 1. Table 1: Economy-wide Product and Prices by Year 2005 Quantity Apples $2.25 Oranges $3.50 O 0% O 7.5% O 10% Price 15% 12 3 8 2006 Price Quantity $2.00 Assuming that production in both years consisted entirely of apples and oranges, the nominal GDP growth rate between 2005 and 2006 was: $3.00 10 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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