1. George and John, stranded on an island, use clamshells for money. Last year George caught 300...

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1. George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John grew 100 bunches of bananas. In the twoperson economy that George and John set up, fish sell for 3 clamshells each, boars sell for 10 clamshells each, and bananas go for 10 clamshells a bunch. George paid John a total of 30 clamshells for helping him dig bait for fishing, and he also purchased five of John’s mature banana trees for 30 clamshells each. What is the GDP of George and John’s island in terms of clamshells? (LO1)

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Principles Of Macroeconomics

ISBN: 9781264250356

8th Edition

Authors: Robert Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz

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