Using the table in Question 6, what was Fruitland's nominal GDP in year 2? Answer:

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Using the table in Question 6, what was Fruitland's nominal GDP in year 2?
Answer:
Transcribed Image Text:Using the table in Question 6, what was Fruitland's nominal GDP in year 2? Answer:
Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports
Apples
Oranges
100
Quantity in year !
Price in year I
Quantity in year 2
Price in year 2
50
$1.00
$0.80
80
120
$1.25
$1.60
Using the table above, what was Fruitland's nominal GDP in year 1?
Answer:
Transcribed Image Text:Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges 100 Quantity in year ! Price in year I Quantity in year 2 Price in year 2 50 $1.00 $0.80 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer:
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