Consider the following data about an economy that makes pizzas, t-shirts, tires, and cheese. All the cheese
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Consider the following data about an economy that makes pizzas, t-shirts, tires, and cheese. All the cheese in the economy is used to make pizzas.
Product | Price 2010 | Quantity 2010 | Price 2015 | Quantity 2015 |
Pizzas | $10 | 120 | $12 | 110 |
T-shirts | $7 | 100 | $8 | 90 |
Tires | $200 | 20 | $200 | 18 |
Cheese | $1 | 200 | $3 | 190 |
Real GDP for 2010 using 2010 as the base year is $
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