Question 9 of 30 » ) Refer to the table(s) in parts A and B to solve the questions below: Refer to Table below. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is b) The table below pertains to a small agricultural economy where the typical consumer's basket consists of 10 pounds of apples and 20 pounds of oranges. If 2017 is the base year, then the CPI for 2018 was Price of Apples $2.0 per pound $1.5 per pound Price of Oranges $2.00 per pound $3.00 per pound Year Production Prices 2017 Year 1 Good X 50 Good Y 100 Year 2 Year 3 Year 1 Year 2 Year 3 $1.20 2018 $1.00 $0.60 50 60 $1.20 120 140 $0.60 $1.00 O 130 O 110 O 140 O 160 O 125.0 O 100.0 O 95.0 O 110.0 Continue
Question 9 of 30 » ) Refer to the table(s) in parts A and B to solve the questions below: Refer to Table below. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is b) The table below pertains to a small agricultural economy where the typical consumer's basket consists of 10 pounds of apples and 20 pounds of oranges. If 2017 is the base year, then the CPI for 2018 was Price of Apples $2.0 per pound $1.5 per pound Price of Oranges $2.00 per pound $3.00 per pound Year Production Prices 2017 Year 1 Good X 50 Good Y 100 Year 2 Year 3 Year 1 Year 2 Year 3 $1.20 2018 $1.00 $0.60 50 60 $1.20 120 140 $0.60 $1.00 O 130 O 110 O 140 O 160 O 125.0 O 100.0 O 95.0 O 110.0 Continue
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![**CENGAGE | MINDTAP**
**HW CH 10**
**Question 9 of 30**
---
**9) Refer to the table(s) in parts A and B to solve the questions below:**
### a)
Refer to Table A below. Assume that this economy produces only two goods: Good X and Good Y.
The value for this economy’s nominal GDP in Year 1 is:
**Table A**
| | Production | Prices |
|------------|-------------------------------|------------------|
| | Year 1 | Year 2 | Year 3 | Year 1 | Year 2 | Year 3 |
| Good X | 50 | 50 | 60 | $1.00 | $1.20 | $1.20 |
| Good Y | 100 | 120 | 140 | $0.60 | $0.60 | $1.00 |
**Options:**
- Ⓐ 130
- Ⓑ 110
- Ⓒ 140
- Ⓓ 160
### b)
The table below pertains to a small agricultural economy where the typical consumer’s basket consists of 10 pounds of apples and 20 pounds of oranges. If 2017 is the base year, then the CPI for 2018 was:
**Table B**
| Year | Price of Apples | Price of Oranges |
|------|-----------------|------------------|
| 2017 | $2.0 per pound | $2.0 per pound |
| 2018 | $1.5 per pound | $3.0 per pound |
**Options:**
- Ⓐ 125.0
- Ⓑ 100.0
- Ⓒ 95.0
- Ⓓ 110.0
---
**[Continue]**
---
In part (a), Table A provides the production units and respective prices for two goods, Good X and Good Y, over three years. It assists in calculating the nominal Gross Domestic Product (GDP) for Year 1.
In part (b), Table B gives the price per pound of apples and oranges for the years 2017 and 2018, and it assists in calculating the Consumer Price Index (CPI) for 2018. The typical consumer's basket consists of](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe3be9b87-a949-46fd-8fcb-61cc2e238448%2F7e6cd6a8-2eec-453a-9996-58252083c9bf%2Fq31vx9f_processed.png&w=3840&q=75)
Transcribed Image Text:**CENGAGE | MINDTAP**
**HW CH 10**
**Question 9 of 30**
---
**9) Refer to the table(s) in parts A and B to solve the questions below:**
### a)
Refer to Table A below. Assume that this economy produces only two goods: Good X and Good Y.
The value for this economy’s nominal GDP in Year 1 is:
**Table A**
| | Production | Prices |
|------------|-------------------------------|------------------|
| | Year 1 | Year 2 | Year 3 | Year 1 | Year 2 | Year 3 |
| Good X | 50 | 50 | 60 | $1.00 | $1.20 | $1.20 |
| Good Y | 100 | 120 | 140 | $0.60 | $0.60 | $1.00 |
**Options:**
- Ⓐ 130
- Ⓑ 110
- Ⓒ 140
- Ⓓ 160
### b)
The table below pertains to a small agricultural economy where the typical consumer’s basket consists of 10 pounds of apples and 20 pounds of oranges. If 2017 is the base year, then the CPI for 2018 was:
**Table B**
| Year | Price of Apples | Price of Oranges |
|------|-----------------|------------------|
| 2017 | $2.0 per pound | $2.0 per pound |
| 2018 | $1.5 per pound | $3.0 per pound |
**Options:**
- Ⓐ 125.0
- Ⓑ 100.0
- Ⓒ 95.0
- Ⓓ 110.0
---
**[Continue]**
---
In part (a), Table A provides the production units and respective prices for two goods, Good X and Good Y, over three years. It assists in calculating the nominal Gross Domestic Product (GDP) for Year 1.
In part (b), Table B gives the price per pound of apples and oranges for the years 2017 and 2018, and it assists in calculating the Consumer Price Index (CPI) for 2018. The typical consumer's basket consists of
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