Assume That Apples Cost $0

question 19

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 4 in 2009, then real GDP (in 2002 prices) in 2009 was:

• A) $5.
• B) $6.50.
• C) $9.50.
• D) $11.

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Definitions:

PST

Provincial Sales Tax; a tax levied by certain provinces in Canada on the sale of goods and services.

Percentage

A percentage is a way of expressing a number as a fraction of 100, used to describe proportions and changes in quantities.

Value

The worth or importance of something, often determined by its utility, scarcity, or demand.

HST

Harmonized Sales Tax, a combined tax that includes both federal and provincial sales taxes, applied in some regions of Canada.