Answer to Question #72677 in Macroeconomics for Sophia
In 2005, 1000 kilograms of potatoes were sold for $4/kilogram. Also, 50 barrels of oil were sold for $55 per barrel. In 2015, 1100 kilograms of potatoes were sold for $6/kilogram. Also, 65 barrels of oil were sold for $60 per barrel. What is the real GDP for 2005 if 2015 is the base year? Show your calculations.
Real GDP for 2005 if 2015 is the base year is 1000*6+50*60=$9000
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