Answered: Using the table in question 1, what was…

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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Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports.

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question 1 just to provide data, please answer the question {"Using the table in question 1, what was real GDP in year 2, in year 1 prices?'}
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