The table below gives the quantities and prices for 2005 and 2015 for an economy that produces just two goods: sailboats and coconuts. Quantities ProducedPrices?2005201520052015Sailboats1020$500$525Coconuts2,0002,400$1$2 For this economy that produces just sailboats and coconuts, and with 2005 as the base year, nominal GDP was approximately ________ times larger in 2015 than it was in 2005.

Which of the following statements is true?

A) The GDP per capita has almost been constant since the beginning of the 20th century in most of the western world. B) The average GDP per capita of a nation at a particular point of time is not the same as the income of all individuals in that nation. C) GDP per capita decreases with a decrease in population and increases with an increase in population, GDP remaining unchanged. D) GDP per capita is a useful to tool to study the disparities in standards of living in a country.

Which of the following is not correct concerning quotas?

a. The enactment of quotas rewards domestic producers with higher prices. b. The enactment of quotas creates opportunities for lobbyists to seek the perpetuation of quotas. c. Quotas on steel, textiles and apparel, and sugar have been in effect for several decades. d. Lobbying efforts by domestic producers and foreign exporters are vigorously fought by domestic consumers. e. The auctioning of quotas would reduce their attractiveness to foreign exporters.