Assume That Apples Cost $0

question 87

Multiple Choice

Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 5 in 2009, then the GDP deflator in 2009, using a base year of 2002, was approximately:

• A)1.5.
• B)1.7.
• C)1.9.
• D)2.0.

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