Question:
Consider a hypothetical economy where only apples and oranges are produced for three years: Apples Oranges Year Quantity (Kg.) Price (Rs. per Kg.) Quantity (Kg.) Price (Rs. per Kg.) 2015 10 180 5 200 2016 15 200 12 300 2017 18 250 15 350
Which of the following is/are CORRECT?
Consider a hypothetical economy where only apples and oranges are produced for three years:
Which of the following is/are CORRECT?
| Apples | Oranges | |||
| Year | Quantity (Kg.) | Price (Rs. per Kg.) | Quantity (Kg.) | Price (Rs. per Kg.) |
| 2015 | 10 | 180 | 5 | 200 |
| 2016 | 15 | 200 | 12 | 300 |
| 2017 | 18 | 250 | 15 | 350 |
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Updated On: Oct 1, 2024
- Real GDP in the year 2017 (base year = 2016) is Rs. 4,250
- Real GDP in the year 2016 (base year = 2015) is Rs. 3,500
- Nominal GDP in the year 2015 is Rs. 6,600
- Price level, as measured by GDP deflator, increased in 2017 as compared to 2016 (base year = 2016)
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The Correct Option is D
Solution and Explanation
The correct Options is (D) : Price level, as measured by GDP deflator, increased in 2017 as compared to 2016 (base year = 2016)
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