Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges Quantity in year I Price in year I Quantity in year 2 Price in year 2 50 100 $1.00 $0.80 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer:
Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges Quantity in year I Price in year I Quantity in year 2 Price in year 2 50 100 $1.00 $0.80 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer:
Chapter5: National Income Accounting
Section: Chapter Questions
Problem 14E
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Question
![Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports
Apples
Oranges
100
Quantity in year !
Price in year I
Quantity in year 2
Price in year 2
50
$1.00
$0.80
80
120
$1.25
$1.60
Using the table above, what was Fruitland's nominal GDP in year 1?
Answer:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbc1b7444-b3d5-4ae0-9b77-6d8fc7ed8e2f%2F08bdc499-c98d-403a-891a-ad23d8032bb8%2F0puco9_processed.png&w=3840&q=75)
Transcribed Image Text:Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports
Apples
Oranges
100
Quantity in year !
Price in year I
Quantity in year 2
Price in year 2
50
$1.00
$0.80
80
120
$1.25
$1.60
Using the table above, what was Fruitland's nominal GDP in year 1?
Answer:
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