Suppose an economy produces only cranberries and maple syrup. In 2010, 50 units of cranberries are sold at $20 per unit and 100 units of maple syrup are sold at $8 per unit. In 2009, the base year, the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit. For 2010, A. nominal GDP is $2000, real GDP is $1800, and the GDP deflator is 111.1. B.nominal GDP is $1800, real GDP is $2000, and the GDP deflator is 1IL.I. C. nominal GDPis $1800, real GDP is $2000, and the GDP defator is 90. D. nominal GDPis $2000, real GDP is S10
Suppose an economy produces only cranberries and maple syrup. In 2010, 50 units of cranberries are sold at $20 per unit and 100 units of maple syrup are sold at $8 per unit. In 2009, the base year, the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit. For 2010, A. nominal GDP is $2000, real GDP is $1800, and the GDP deflator is 111.1. B.nominal GDP is $1800, real GDP is $2000, and the GDP deflator is 1IL.I. C. nominal GDPis $1800, real GDP is $2000, and the GDP defator is 90. D. nominal GDPis $2000, real GDP is S10
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 7QR
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![Suppose an economy produces only cranberries and maple syrup. In 2010, 50 units of cranberries are sold at $20 per unit and 100 units of maple synup
are sold at $8 per unit. In 2009, the base year, the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit. For 2010,
A. nominal GDPis $2000, real GDP is $1800, and the GDP deflator is 1ll.
B. nominal GDP is $1800, real GDP is $2000, and the GDP deflator is Il1.I.
C. nominal GDPIS $1800, real GDP is $2000, and the GDP deflator is 90.
D. nominal GDP is $2000, real GDP is $1800, and the GDP deflator is n](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9b6de41e-7d7d-4dc0-a65f-dccfc95ed2b7%2F1dade5a0-443e-4506-8f9e-7226e44c11ac%2F8lw2s6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose an economy produces only cranberries and maple syrup. In 2010, 50 units of cranberries are sold at $20 per unit and 100 units of maple synup
are sold at $8 per unit. In 2009, the base year, the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit. For 2010,
A. nominal GDPis $2000, real GDP is $1800, and the GDP deflator is 1ll.
B. nominal GDP is $1800, real GDP is $2000, and the GDP deflator is Il1.I.
C. nominal GDPIS $1800, real GDP is $2000, and the GDP deflator is 90.
D. nominal GDP is $2000, real GDP is $1800, and the GDP deflator is n
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