Suppose Nova Scotia Produces Only Cheese and Fish

question 163

Multiple Choice

Suppose Nova Scotia produces only cheese and fish. Last year, 20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each. If in the base year the price of cheese was $10 per unit and the price of fish was $75 per unit, what can we conclude?

• A) Nominal GDP is $500, real GDP is $800, and the GDP deflator is 62.5
• B) Nominal GDP is $500, real GDP is $800, and the GDP deflator is 160
• C) Nominal GDP is $800, real GDP is $500, and the GDP deflator is 160
• D) Nominal GDP is $800, real GDP is $500, and the GDP deflator is 62.5

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Definitions:

Aging

the process of becoming older, which is characterized by a gradual decline in physical and sometimes mental capacity.

Reproduce

The biological process by which new organisms are generated, often referring to the sexual or asexual means of producing offspring.

Free Radical Theory

A theory suggesting that organisms age because cells accumulate free radical damage over time.

Erikson

A psychologist known for developing a theory of psychosocial development that outlines eight stages people go through in their lifetime.