Consider a simple economy that produces two goods: pencils and erasers. The following table shows the prices and quantities of the goods over a three- year period. Year 2008 2009 2010 Year 2008 2009 2010 Pencils Price (Dollars per pencil) 1 2 3 Quantity (Number of pencils) 150 135 110 Use the information from the previous table to fill in the following tale. GDP Real GDP (Dollars) (Base year 2008, dollars) Price (Dollars per eraser) 2 4 Erasers 4 Quantity (Number of erasers) 160 230 165

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