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Suppose a simple island economy produces only three goods: oranges, fish, and bicycles.Additionally, the economy consumes and imports magazines from a foreign country. The production
Suppose a simple island economy produces only three goods: oranges, fish, and bicycles.Additionally, the economy consumes and imports magazines from a foreign country. The production numbers for the domestic goods and foreign magazines are below:
2018 | 2019 | |||
Quantity | Price | Quantity | Price | |
Oranges | 180 | $0.90 | 220 | $1.50 |
Fish | 40 | $3.50 | 50 | $4.00 |
Bicycles | 20 | $85 | 30 | $90 |
Magazines | 175 | $3.50 | 150 | $3.50 |
Using 2018 as the base year, calculate fixed-weight real GDP in 2018. [Remember if the value is $3,000 put 3000 in the answer box and $ in the units box. ]
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