For questions 14-15 use the information provided in the table below for an economy that produces only apples and oranges. Assume year 1 is the base year. Quantity of Apples Price of Apples Quantity of Oranges Price of Oranges Year 1 3,000 $0.20 2,000 $0.40 a. b. 14. What was the value of real GDP in each year? Year 1 Year 2 $1,400 $1,900 C. $1,400 d. $1,900 e. $1,400 Year 2 4,000 $0.30 3,000 $0.50 $2,700 $2,700 $2,000 $2,000 $1,900 15. What is the GDP Deflator for Year 2?

For questions 14-15 use the information provided in the table below for an economy that produces only apples and oranges. Assume year 1 is the base year. Quantity of Apples Price of Apples Quantity of Oranges Price of Oranges Year 1 3,000 $0.20 2,000 $0.40 a. b. 14. What was the value of real GDP in each year? Year 1 Year 2 $1,400 $1,900 C. $1,400 d. $1,900 e. $1,400 Year 2 4,000 $0.30 3,000 $0.50 $2,700 $2,700 $2,000 $2,000 $1,900 15. What is the GDP Deflator for Year 2?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I know for real GDP you use price of base year and quantity of current year but I keep getting an answer that is not one of the options.
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