Suppose the residents of an economy consume only peaches and pecans. Table 2 below shows the prices and quantity of peaches and pecans consumed for two consecutive years. Note that all prices are per bushel. Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans. Assume 2000 is the base year. Table 2 Peaches Pecans Price $11 Quantity Price $6 $10 Quantity 10 Year 2000 10 2001 $9 20 10
Suppose the residents of an economy consume only peaches and pecans. Table 2 below shows the prices and quantity of peaches and pecans consumed for two consecutive years. Note that all prices are per bushel. Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans. Assume 2000 is the base year. Table 2 Peaches Pecans Price $11 Quantity Price $6 $10 Quantity 10 Year 2000 10 2001 $9 20 10
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 18P
Related questions
Question
![Suppose the residents of an economy consume only peaches and pecans. Table 2 below shows the prices
and quantity of peaches and pecans consumed for two consecutive years. Note that all prices are per
bushel. Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of
pecans. Assume 2000 is the base year.
Table 2
Peaches
Pecans
Price
Year
2000
Quantity
10
Quantity
10
Price
$11
$6
2001
$9
20
$10
10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ba5e39d-b222-4b02-9ec6-143ddce93045%2F83d491d6-160a-42b5-8923-ee722f07a003%2Fvbammi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose the residents of an economy consume only peaches and pecans. Table 2 below shows the prices
and quantity of peaches and pecans consumed for two consecutive years. Note that all prices are per
bushel. Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of
pecans. Assume 2000 is the base year.
Table 2
Peaches
Pecans
Price
Year
2000
Quantity
10
Quantity
10
Price
$11
$6
2001
$9
20
$10
10
![8. Using the data in Table 2. What is the Nominal GDP in 2001? *
$190
$100
$180
$280](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ba5e39d-b222-4b02-9ec6-143ddce93045%2F83d491d6-160a-42b5-8923-ee722f07a003%2Fo6hhcq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:8. Using the data in Table 2. What is the Nominal GDP in 2001? *
$190
$100
$180
$280
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