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Question: use the following information to answer questions 5 through 15...

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Use the following information to answer questions 5 through 15: The tables below show data on prices and quantities of Oranges and Shoes produced in China. Data for 2014 Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 0.7 Data for 2015 Price of Oranges 200 10 270 Quantity of Oranges 150 Price of Shoes 14 Quantity of Shoes 250 0.9 Data for 2016 Price of Oranges Quantity of Oranges 300 Price of Shoes 15 Quantity of Shoes 1.4 330 5. Given this data, what is the Nominal GDP in 2014? 6. What is the Nominal GDP in 2015? 7. What is the Nominal GDP in 2016? 8. Using 2014 as the base year, what is the Real GDP in 2014? 9. Using 2014 as the base year, what is the Real GDP in 2015? 10. Using 2014 as the base year, what is the Real GDP in 2016? 11. Using 2014 as the base year, what is the GDP Deflator in 2014?
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