Suppose an Economy Produces Only Cheese and Fish

question 23

Multiple Choice

Suppose an economy produces only cheese and fish.In 2010,20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each.In 2009,the base year,the price of cheese was $10 per unit and the price of fish was $75 per unit.For 2010,

• 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 62.5.
• D)nominal GDP is $800,real GDP is $500,and the GDP deflator is 160.

Understand the components and effectiveness of the AIDA model in persuasive messaging.

Comprehend the importance of avoiding faulty logic in persuasive messages.

Recognize the role of emotional and logical appeals in persuasive messages.

Understand methods for reinforcing positions in persuasive messages.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the accounts for the next period.

Journalized

Refers to the act of recording financial transactions in the company's journal as part of the accounting process.

Accounting Period

A specific duration of time used by businesses for financial reporting and accounting purposes, such as a month, quarter, or year.

Date

A specific point in time that may refer to a day, month, and year, often used in documentation and scheduling.