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Assume That Apples Cost $0

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Assume that apples cost $0.50 in 2012 and $1 in 2019, whereas oranges cost $1 in 2012 and $1.50 in 2019. If 4 apples were produced in 2012 and 5 in 2019, whereas 3 oranges were produced in 2012 and 4 in 2019, then real GDP (in 2012 prices) in 2019 was:


Definitions:

Locke's Natural Rights

The philosophical concept, proposed by John Locke, that individuals inherently possess rights to life, liberty, and property, which governments must protect.

Pursuit of Happiness

A fundamental right mentioned in the Declaration of Independence, representing the freedom to seek personal joy and well-being in a way that is self-determined.

American Morale

The spirit, attitude, and confidence of the American people or military forces, often discussed in the context of historical events or conflicts.

Trenton

The capital city of New Jersey, United States, known historically for its crucial role in the American Revolutionary War.

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