Use the data in the table to answer the question. Pineapples Coconuts Price 2 5 2016 Nominal GDP increased by $ between 2016 and 2017. Quantity 100 60 Price 4 4 2017 Quantity 125 75 According to the data in the table, by how much did nominal GDP change between 2016 and 2017? Assume that the given economy's GDP consists only of coconuts and pineapples.

Use the data in the table to answer the question. Pineapples Coconuts Price 2 5 2016 Nominal GDP increased by $ between 2016 and 2017. Quantity 100 60 Price 4 4 2017 Quantity 125 75 According to the data in the table, by how much did nominal GDP change between 2016 and 2017? Assume that the given economy's GDP consists only of coconuts and pineapples.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to Table below. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals: Product Quantity Price Sweatshirts 50 $35.00 Dental examinations 40 75.00 Coffee drinks 1,000 4.00 Coffee beans 2,000 0.50 a. $9,750 b. $8,750 c. 3,090 units d. $7,250
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Question 7
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I know for real GDP you use price of base year and quantity of current year but I keep getting an answer that is not one of the options.
Only typed answer
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