Question: 8. Consider a simple economy producing two goods: coffee and TVs. In 2018 the economy produced 2,000 pounds of coffee and 10 TVs. In 2019

8. Consider a simple economy producing two goods: coffee and TVs. In 2018 the economy produced 2,000 pounds of coffee and 10 TVs. In 2019 the economy produced 1,000 pounds of coffee and 12 TVs. The price of one TV was $1,000 in both years, while the price of coffee decreased from $6 per pound in 2018 to $5 per pound in 2019. Based on this information, the percentage change in real GDP in chained prices benchmarked to 2019 is a) 22.5 percent b) 16.5 percent c) -16.5 percent d) -22.5 percent

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