Multiple Choice
Suppose an economy's production consists only of corn and soybeans.In 2010,20 bushels of corn are sold at $4 per bushel and 10 bushels of soybeans are sold at $2 per bushel.In 2009,the price of corn was $2 per bushel and the price of soybeans was $1 per bushel.Using 2009 as the base year,it follows that,for 2010,
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.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: If nominal GDP is $10 trillion and
Q5: If real GDP is 5,100 and nominal
Q6: Which of the following statements about GDP
Q7: Which of the following is not a
Q8: If in some year nominal GDP was
Q10: A country reported a nominal GDP of
Q11: Which of the following is the correct
Q12: If in some year nominal GDP was
Q13: If total spending rises from one year
Q14: Which of the following statements about nominal