Question: Use the information provided in the table below for an economy that produces only apples and oranges. Assume year 1 is the base year. Year

Use the information provided in the table below for an economy that produces only apples and oranges. Assume year 1 is the base year. Year 1 Year 2 Quantity of apples 3,000 4,000 Price of an apple $0.20 $0.30 Quantity of oranges 2,000 3,000 Price of an orange $0.40 $0.50 What was the value of real GDP in each year? Year 1 Year 2

a. $1,400 $2,700

b. 1,900 2,700

c. 1,400 2,000

d. 1,900 2,000

e. 1,400 1,900

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