The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Prices and Quantities Year 2015 2016 2017 2018 Price of Cereal $4.00 $4.00 $5.00 $6.00 Quantity of Cereal 100 120 150 180 Refer to Table 23-5. In 2017, this country's Price of Milk $1.50 $2.00 $2.50 $3.50 O real GDP was $1250, and the GDP deflator was 138.9. O real GDP was $1250, and the GDP deflator was 128.0. O real GDP was $900, and the GDP deflator was 138.9. O real GDP was $900, and the GDP deflator was 128.0. Quantity of Milk 180 200 200 240

The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Prices and Quantities Year 2015 2016 2017 2018 Price of Cereal $4.00 $4.00 $5.00 $6.00 Quantity of Cereal 100 120 150 180 Refer to Table 23-5. In 2017, this country's Price of Milk $1.50 $2.00 $2.50 $3.50 O real GDP was $1250, and the GDP deflator was 138.9. O real GDP was $1250, and the GDP deflator was 128.0. O real GDP was $900, and the GDP deflator was 138.9. O real GDP was $900, and the GDP deflator was 128.0. Quantity of Milk 180 200 200 240

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

The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base
year is 2015.
Prices and Quantities
Year
2015
2016
2017
2018
Price of Cereal
$4.00
$4.00
$5.00
$6.00
Quantity of
Cereal
100
120
150
180
Refer to Table 23-5. In 2017, this country's
Price of Milk
$1.50
$2.00
$2.50
$3.50
O real GDP was $1250, and the GDP deflator was 138.9.
O real GDP was $1250, and the GDP deflator was 128.0.
O real GDP was $900, and the GDP deflator was 138.9.
O real GDP was $900, and the GDP deflator was 128.0.
Quantity of
Milk
180
200
200
240

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