Suppose an economy's production consists only of corn and soybeans. In 2010, 20 bushels of con are sold at $4 per bushel and 10 bushels of soybeans are sold at $2 per bushel. In 2009, the price of corn was $2 per bushel and the price of soybeans was $1 per bushel. Using 2009 as the base year, it follows that, for 2010, O nominal GDP is $50, real GDP is $100, and the GDP deflator is 50. nominal GDP is $100, real GDP is $50, and the GDP deflator is 50. O nominal GDP is $50, real GDP is $100, and the GDP deflator is 200. O nominal GDP is $100, real GDP is $50, and the GDP deflator is 200.

Suppose an economy's production consists only of corn and soybeans. In 2010, 20 bushels of con are sold at $4 per bushel and 10 bushels of soybeans are sold at $2 per bushel. In 2009, the price of corn was $2 per bushel and the price of soybeans was $1 per bushel. Using 2009 as the base year, it follows that, for 2010, O nominal GDP is $50, real GDP is $100, and the GDP deflator is 50. nominal GDP is $100, real GDP is $50, and the GDP deflator is 50. O nominal GDP is $50, real GDP is $100, and the GDP deflator is 200. O nominal GDP is $100, real GDP is $50, and the GDP deflator is 200.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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