Use the Following Information to Answer the Next Several Questions

question 66

Multiple Choice

Use the following information to answer the next several questions:
Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2009, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2010, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively.
-Based on the information in Scenario 1, nominal GDP in 2010 in this economy was

• A)$830.
• B)$1,025.
• C)$1,090.
• D)$1,345.

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Definitions:

Probability

A measure of the likelihood that an event will occur, often expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Cards

Pieces of thick paper or thin plastic, often rectangular, used for playing games, storing information, or as tools for certain activities.

Same Color

refers to objects or items that share an identical hue or shade.

Probability

A measure of the likelihood that a specific event will occur, expressed as a number between 0 and 1.