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Consider an economy that produces only three types of fruit: apples, oranges & bananas. In the base year the production & price data are as follows:
Fruit Quantity Price
Apples 3000 Unit Rs. 2 per unit
Bananas 6000 Unit Rs. 3 per unit
Oranges 8000 Unit Rs. 4 per unit
In the current year the production & price data are as follows:
Apples 4000 Unit Rs. 3 per unit
Bananas 14,000 Unit Rs. 2 per unit
Oranges 32,000 Unit Rs. 5 per unit
a) Find nominal GDP in the current year & in the base year. What is the percentage enhancing since base year?
b) Find real GDP in the current year & in the base year. By what percentage does a real GDP enhancing from the base year to present year?
c) Find the GDP deflator for the current year & the base year. By what percentage does the price level change from the base year to present year?
According to liquidity preference theory, an increase in the price level causes the interest rate to: a.decrease, which decreases the quantity of goods and services demanded. b.inc
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