Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Peaches Pecans Year Price Quantity Price Quantity 2000 $11 10 $6 10 2001 $9 $10 10 What is the real GDP for 2001? $200 O$150 $280 O $170 20

Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Peaches Pecans Year Price Quantity Price Quantity 2000 $11 10 $6 10 2001 $9 $10 10 What is the real GDP for 2001? $200 O$150 $280 O $170 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose that the country of Fruitland produces only peaches and pecans. The table
below shows the prices and quantity of peaches and pecans produced for two
consecutive years. Note that all prices are per bushel.
Peaches
Pecans
Year
Price
Quantity Price
Quantity
2000
$11
10
$6
10
2001
$9
20
$10
10
What is the real GDP for 2001?
$200
O $150
$280
$170

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