A south sea island produces only coconuts. In 2015, the price of a coconut is $2.50 and the quantity produced is 300. In 2018, the price of a coconut is $3.50 and the quantity produced is 400. 2015 is the base year. What is real GDP in 2018? Real GDP in 2018 is _______. A. $750 B. $1,400 C. $1,050 D. $1000
A south sea island produces only coconuts. In 2015, the price of a coconut is $2.50 and the quantity produced is 300. In 2018, the price of a coconut is $3.50 and the quantity produced is 400. 2015 is the base year. What is real GDP in 2018? Real GDP in 2018 is _______. A. $750 B. $1,400 C. $1,050 D. $1000
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section7.4: Real Gdp
Problem 2ST
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Question
A south sea island produces only coconuts.
In 2015, the price of a coconut is
$2.50
and the quantity produced is
300.
In
2018,
the price of a coconut is
$3.50
and the quantity produced is
400.
2015 is the base year.
What is real GDP in
2018?
Real GDP in
2018
is _______.$750
$1,400
$1,050
$1000
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