The price and quantity data for Year 1 and Year 2 are as follows: Bread Butter 100 50 Year 1 Quantity Year 1 Price 1 1 Year 2 Quantity 80 4 120 Year 2 Price 1.25 1.60 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year? Answer Choices: a. 1.254 b. 1.354 c. 1.434 d. 1.534

The price and quantity data for Year 1 and Year 2 are as follows: Bread Butter 100 50 Year 1 Quantity Year 1 Price 1 1 Year 2 Quantity 80 4 120 Year 2 Price 1.25 1.60 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year? Answer Choices: a. 1.254 b. 1.354 c. 1.434 d. 1.534

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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