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Use the Following to Answer Questions: Table: Wheat and Corn

Question 87

Multiple Choice

Use the following to answer questions: Table: Wheat and Corn  Year  Price of Wheat  (per bushel)   Quantity of Wheat  (million bushels)   Price of Corn  (per bushel)   Quantity of Corn  (million tons)  2005$561,250$449402006641,360521,0502007721,420551,1202008801,500621,260\begin{array} { l c c c c } \hline \text { Year } & \begin{array} { l } \text { Price of Wheat } \\\text { (per bushel) }\end{array} & \begin{array} { c } \text { Quantity of Wheat } \\\text { (million bushels) }\end{array} & \begin{array} { l } \text { Price of Corn } \\\text { (per bushel) }\end{array} & \begin{array} { l } \text { Quantity of Corn } \\\text { (million tons) }\end{array} \\\hline 2005 & \$ 56 & 1,250 & \$ 44 & 940 \\2006 & 64 & 1,360 & 52 & 1,050 \\2007 & 72 & 1,420 & 55 & 1,120 \\2008 & 80 & 1,500 & 62 & 1,260 \\\hline\end{array}
-(Table: Wheat and Corn) Consider a country that produces only wheat and corn. Based on the data in the table, the growth rate of nominal GDP from 2005 to 2006 is:


A) 8%.
B) 16%.
C) 21%.
D) 27%.

Correct Answer:

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