(HF19) The country of Singsville only produces apples. In 2007, the price of apples was $4 and 178 apples were produced. In 2008, the price of apples was $8 and 280 apples were produced. What was nominal GDP in Singsville in 2008? If the base year is 2007, what was real GDP in Singsville in 2008?

(HF19) The country of Singsville only produces apples. In 2007, the price of apples was $4 and 178 apples were produced. In 2008, the price of apples was $8 and 280 apples were produced. What was nominal GDP in Singsville in 2008? If the base year is 2007, what was real GDP in Singsville in 2008?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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