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Here are the quantities of apples and oranges produced in an economy over two years and the prices they sold at. Use this information to answer the following 6 questions. Apples Apples Oranges Oranges Quantity Price Quantity Price Year 1 4 $1 6 $5 Year 3 $2 7 $4 2 1. What is the Nominal GDP for this economy in year 1? 2. What is the Nominal GDP for this economy for year 2? 3. What is the Real GDP in year 1? Use year 1 as your base year. 4. Still using year 1 as the base year, what is the Real GDP in year 2? 5. Are we producing more, less, or the same amount of stuff in year 2 than year 1? 6. Did prices rise, fall, or stay the same as we went from year 1 to year 2?

Here are the quantities of apples and oranges produced in an economy over two years and the prices they sold at. Use this information to answer the following 6 questions. Apples Apples Oranges Oranges Quantity Price Quantity Price Year 1 4 $1 6 $5 Year 3 $2 7 $4 2 1. What is the Nominal GDP for this economy in year 1? 2. What is the Nominal GDP for this economy for year 2? 3. What is the Real GDP in year 1? Use year 1 as your base year. 4. Still using year 1 as the base year, what is the Real GDP in year 2? 5. Are we producing more, less, or the same amount of stuff in year 2 than year 1? 6. Did prices rise, fall, or stay the same as we went from year 1 to year 2?

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
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Here are the quantities of apples and oranges produced in an economy over two years and the prices they sold at. Use this information to answer the following 6 questions. Apples Apples Oranges Oranges Quantity Price Quantity Price Year 1 4 $1 6 $5 Year 3 $2 7 $4 2 1. What is the Nominal GDP for this economy in year 1? 2. What is the Nominal GDP for this economy for year 2? 3. What is the Real GDP in year 1? Use year 1 as your base year. 4. Still using year 1 as the base year, what is the Real GDP in year 2? 5. Are we producing more, less, or the same amount of stuff in year 2 than year 1? 6. Did prices rise, fall, or stay the same as we went from year 1 to year 2?
Transcribed Image Text:Here are the quantities of apples and oranges produced in an economy over two years and the prices they sold at. Use this information to answer the following 6 questions. Apples Apples Oranges Oranges Quantity Price Quantity Price Year 1 4 $1 6 $5 Year 3 $2 7 $4 2 1. What is the Nominal GDP for this economy in year 1? 2. What is the Nominal GDP for this economy for year 2? 3. What is the Real GDP in year 1? Use year 1 as your base year. 4. Still using year 1 as the base year, what is the Real GDP in year 2? 5. Are we producing more, less, or the same amount of stuff in year 2 than year 1? 6. Did prices rise, fall, or stay the same as we went from year 1 to year 2?
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