Suppose a small economy produces only cheese and fish.In 2005,20 units of cheese are sold at $5 each,and 8 units of fish are sold at $50 each.In 2004,the base year,the price of cheese was $10 per unit,and the price of fish was $75 per unit.For 2005,
A) nominal GDP is $800, real GDP is $500, and the GDP deflator is 160.
B) nominal GDP is $500, real GDP is $800, and the GDP deflator is 160.
C) nominal GDP is $500, real GDP is $800, and the GDP deflator is 62.5.
D) nominal GDP is $800, real GDP is $500, and the GDP deflator is 62.5.
Correct Answer:
Verified
Q138: An identity is an equation that
A)describes an
Q140: In 2004,U.S.government purchases of goods and services
Q141: Suppose that the country of Samiam produces
Q143: If the GDP deflator is 200 and