Multiple Choice
Suppose an economy produces only cheese and fish.In 2010,20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each.In 2009,the base year,the price of cheese was $10 per unit and the price of fish was $75 per unit.For 2010,
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.
Correct Answer:
Verified
Correct Answer:
Verified
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