Suppose an economy produces only burgers and bags of fries. In 2010, 4000 burgers are sold at $3 each and 6000 bags of fires are sold at $1.50 each. In 2008, the base year, burgers sold for $2.50 each and bags of fries sold for $2 each.
A) nominal GDP is $22,000 real GDP is $21,000, and the GDP deflator is 95.45.
B) nominal GDP is $22,000, real GDP is $21,000, and the GDP deflator is 104.77.
C) nominal GDP is $21,000, real GDP is $22,000, and the GDP deflator is 95.45.
D) nominal GDP is $21,00, real GDP is $22,000, and the GDP deflator is 104.77.
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