Use the Following Information to Answer the Next Several Questions

question 149

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 2011, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2012, 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 2012 in this economy was

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

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Definitions:

Finish Line

The final goal or end point of a race or an endeavor.

Workaholic

An individual who compulsively works long and hard hours, often to the detriment of personal relationships and health.

Uncomfortable Experience

Refers to a situation that causes distress or unease, often leading to personal growth or learning despite discomfort.

Unrealistic Goals

Are objectives that are not achievable or practical due to their excessive scope or constraints.