Use the Following Information to Answer the Next Several Questions

question 71

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 grew by about ________ percent from 2011 to 2012.

• A) 23
• B) 31
• C) 62
• D) 162

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Definitions:

Malicious Conduct

Intentional actions done with harm in mind, often to injure, defraud, or otherwise damage another party.

Chapter 11

A provision of the United States Bankruptcy Code that permits businesses to reorganize and restructure their debts while continuing operations.

Reorganization Plan

A strategy employed by corporations to restructure their business for reasons such as improving efficiency, managing debt, or adapting to market changes.

Unsecured Creditors

Creditors who have lent money without obtaining specific assets as collateral, placing them at greater risk in the event of the borrower's bankruptcy.