Question: Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per bunch $5 pe…

01 May Question: Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per bunch $5 pe…

Posted at 19:05h in 2Past Paper by Exams

Base Year Fruit Apples Bananas 7,000 bunches Oranges Quantity Price $2 per bag $3 per bunch $5 per bag 4,000 bags 7,000 bags Current Year Fruit Quantity Apples Bananas 15.000 bunches Oranges Price $3 per bag $2 per bunch $7 per bag 5,000 bags 28,000 bags Consider an economy that produces only three types of fruit: apples bananas, and oranges. In the base year (a few years ago), the production and price data are listed in the tables to the right. In the base year, nominal GDP was $ In the current year, nominal GDP is $ (Round both answers to the nearest whole number.) The percentage increase in nominal GDP since the base year is (Enter your response as a percentage rounded to one decimal place.) In the base year, real GDP was S In the current year, real GDP is (Round both answers to the nearest whole number.) The percentage increase in real GDP since the base year is %. Enter your response as a percentage rounded to one decimal place.) The GDP deflator for the base year is The GDP deflator for the current year is (Round both answers to one decimal place.) The inflation rate (which equals the percentage increase in the GDP deflator) since the base year is 1 %. (Enter your response as a percentage rounded to one decimal place.)

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