The Base Year Is 2011

question 2

Multiple Choice

The base year is 2011. A country only produces Blu-ray players. The price of a Blu-ray player in 2011 was $100. The price of a Blu-ray player was $90 in 2012. The quantity of Blu-ray players Produced in 2011 was 10,000 units and in 2012 was 10,500 units. Nominal GDP in 2012 equals

• A)$1,050,000.
• B)$900,000.
• C)$945,000.
• D)$1,000,000.
• E)an amount that cannot be determined without information about nominal GDP in 2008.

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Definitions:

Notice of Assignment

A formal notification given to all the relevant parties involved that a contract has been transferred from one party (the assignor) to another (the assignee).

Discharge Obligation

The act of fulfilling or settling a responsibility, duty, or debt.

Duty Delegated

The assignment of responsibilities or tasks by someone in authority to another person or entity.

Privity of Contract

A doctrine in contract law that stipulates that only parties involved in the contract have the rights and responsibilities to enforce it.