Multiple Choice
Suppose an economy produces only cranberries and maple syrup.Last year,50 units of cranberries are sold at $20 per unit,and 100 units of maple syrup are sold at $10 per unit.If the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit in the base year,what can we conclude?
A) Nominal GDP is $2500,real GDP is $2000,and the GDP deflator is 125.
B) Nominal GDP is $2000,real GDP is $2500,and the GDP deflator is 125.
C) Nominal GDP is $2000,real GDP is $2000,and the GDP deflator is 100.
D) Nominal GDP is $2500,real GDP is $2500,and the GDP deflator is 100.
Correct Answer:
Verified
Correct Answer:
Verified
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