Question: Use the table below to answer the following two questions. Assume that 2014 is the base year. Apples (in pounds) Bananas (in pounds) Year Price

Use the table below to answer the following two questions. Assume that 2014 is the base year. Apples (in pounds) Bananas (in pounds) Year Price Quantity Price Quantity 2014 $1.00 100 $1.00 80 2015 $1.15 110 $1. 10 100 2016 $1.20 115 $1. 10 150 2. Real GDP in 2016 is equal to a) $303. b) $265 C ) $210 None of the above. 3. The CPI in 2015 is equal to a) 203. b) 104.42. C) 145.67 d) None of the above
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
