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.
Correct Answer:
Verified
Correct Answer:
Verified
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