Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Peaches Pecans Year Price Quantity Price Quantity 2000 $11 10 $6 10 2001 $9 $10 10 What is the real GDP for 2001? $200 O$150 $280 O $170 20

Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the prices and quantity of peaches and pecans produced for two consecutive years. Note that all prices are per bushel. Peaches Pecans Year Price Quantity Price Quantity 2000 $11 10 $6 10 2001 $9 $10 10 What is the real GDP for 2001? $200 O$150 $280 O $170 20

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

See similar textbooks

Similar questions

Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declines
Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
What are the main components of measuring GDP with what is demanded?
What are the two main difficulties that arise in comparing different comparing GDP?