Suppose an Economy Produces Only Cheese and Fish

Multiple Choice

Suppose an economy produces only cheese and fish.In 2008,20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each.In 2007,the base year,the price of cheese was $10 per unit and the price of fish was $75 per unit.For 2008,

A) nominal GDP is $500,real GDP is $800,and the GDP deflator is 62.5.
B) nominal GDP is $500,real GDP is $800,and the GDP deflator is 160.
C) nominal GDP is $800,real GDP is $500,and the GDP deflator is 62.5.
D) nominal GDP is $800,real GDP is $500,and the GDP deflator is 160.