Suppose an economy produces only iPhones and bananas. In 2010, 1000 iPhones are sold at $300 each and 5000 pounds of bananas are sold at $3 per pound. In 2009, the base year, iPhones sold at $400 each and bananas sold at $2 per pound. For 2010,
a. nominal GDP is $315,000, real GDP is $410,000, and the GDP deflator is 76.83.
b. nominal GDP is $410,000, real GDP is $315,000, and the GDP deflator is 130.16.
c. nominal GDP is $315,000, real GDP is $410,000, and the GDP deflator is 130.16.
d. nominal GDP is $410,000, real GDP is $315,000, and the GDP deflator is 76.83.
a
Economics
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A free market can be defined as a market structure where all exchanges are voluntary, and prices are free to fluctuate. Does a perfectly competitive market qualify as a free market?
What will be an ideal response?
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Which of the following countries has had the more successful transition?
a. Poland b. Russia c. Kazakstan d. Georgia e. Kyrgystan
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