Using the table in question 1, what was real GDP in year 2, in year 1 prices? (Hint: assume prices of oranges and apples were unchanged, but new quantities apply) Answer:
Using the table in question 1, what was real GDP in year 2, in year 1 prices? (Hint: assume prices of oranges and apples were unchanged, but new quantities apply) Answer:
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 4WNG
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Question
Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports.
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(Hint: assume prices of oranges and apples were unchanged, but new quantities apply)
Answer:"
Transcribed Image Text:Using the table in question 1, what was real GDP in year 2, in year 1 prices?
(Hint: assume prices of oranges and apples were unchanged, but new quantities apply)
Answer:

Transcribed Image Text:Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports
Apples
Oranges
Quantity in year 1
Price in year I
Quantity in year 2
Price in year 2
50
100
$1.00
$0.80
80
120
$1.25
$1.60
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