QUESTION 1 4 points Save Using the information below, answer questions 1-3 Consi

Question

QUESTION 1 4 points Save Using the information below, answer questions 1-3 Consider an economy that produces only three types of fruit: apples, oranges and bananas. In 2000, the production and price data were as follows Fruit Quantity Price Apples 3000 S2 per unit Bananas 6000 3 per unit Oranges 8000 S4 per unit In 2001 the production and price data are as follows Fruit Quantity Price Apples 4000 $3 per unit Bananas 14000 S2 per unit Oranges 8000 5 per unit Nominal GDP equals $80,000 in 2000 and $56,000 in 2001 $56,000 in 2000 and $82,000 in 2001 $61,000 in 2000 and $82,000 in 2001 $56,000 in 2000 and $80,000 in 2001

Explanation / Answer

nominal GDP in 2000

=3000*2+6000*3+8000*4

=56000

nominal GDP in 2001

=4000*3+14000*2+8000*5

=80000

answer based on above is last option

the above is answer..

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