Suppose an Economy's Production Consists Only of Corn and Soybeans

Multiple Choice

Suppose an economy's production consists only of corn and soybeans.In 2005,20 bushels of corn are sold at $4 per bushel and 10 bushels of soybeans are sold at $2 per bushel.In 2004,the price of corn was $2 per bushel and the price of soybeans was $1 per bushel.Using 2004 as the base year,it follows that,for 2005,

A) nominal GDP is $50,real GDP is $100,and the GDP deflator is 50.
B) nominal GDP is $50,real GDP is $100,and the GDP deflator is 200.
C) nominal GDP is $100,real GDP is $50,and the GDP deflator is 50.
D) nominal GDP is $100,real GDP is $50,and the GDP deflator is 200.