2014 2015 Quantities Apples 20 30 Oranges 20 18 Submarines 1 1 Prices Apples $0.75 $0.60 Oranges $2.00 $2.30 Submarines $100 $50
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For 2014: Nominal GDP = (20 apples * $0.75/apple) + (20 oranges * $2.00/orange) + (1 submarine * $100/submarine) = $15 + $40 + $100 = $155 For 2015: Nominal GDP = (30 apples * $0.60/apple) + (18 oranges * $2.30/orange) + (1 submarine * Show more…
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