Consider an economy that produces only three types of fruit: apples, bananas, and oranges. In the base year (a few years

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Consider An Economy That Produces Only Three Types Of Fruit Apples Bananas And Oranges In The Base Year A Few Years 1 (61.1 KiB) Viewed 23 times

Consider an economy that produces only three types of fruit: apples, bananas, and oranges. In the base year (a few years ago), the production and price data are listed in the tables to the right. In the base year, nominal GDP was $ In the current year, nominal GDP is $. (Round both answers to the nearest whole number.) The percentage increase in nominal GDP since the base year is %. (Enter your response as a percentage rounded to one decimal place.) In the base year, real GDP was $. In the current year, real GDP is. (Round both answers to the nearest whole number.) The percentage increase in real GDP since the base year is %. (Enter your response as a percentage rounded to one decimal place.) The GDP deflator for the base year is The GDP deflator for the current year is. (Round both answers to one decimal place.) The inflation rate (which equals the percentage increase in the GDP deflator) since the base year is %. (Enter your response as a percentage rounded to one decimal place.) The percentage increase in nominal GDP in this economy since the base year is due primarily to ▼ increases in the quantity of output increases in prices Fruit Apples Bananas Oranges Fruit Apples Bananas Oranges Base Year Quantity 2,000 bags 5,000 bunches 7,000 bags Current Year Quantity 3,000 bags 13,000 bunches 28,000 bags Price $1 per bag $2 per bunch $4 per bag Price $2 per bag $1 per bunch $6 per bag