A Hypothetical Economy Produces Only Two Items: Maple Syrup and Trips

question 42

Essay

A hypothetical economy produces only two items: maple syrup and trips to a local tourist attraction.Calculate nominal GDP,real GDP,and the GDP deflator,and fill in the corresponding columns in the following table:
$$\begin{array} { | l | l | l | l | l | l | l | l | } \hline \text { Year } & \begin{array} { l } \text { Price of } \\\text { Maple } \\\text { Syup }\end{array} & \begin{array} { l } \text { Price of } \\\text { Trips }\end{array} & \begin{array} { l } \text { Quantity } \\\text { af Maple } \\\text { Syrup }\end{array} & \begin{array} { l } \text { Number } \\\text { of Trips }\end{array} & \begin{array} { l } \text { Naminal } \\\text { GDP }\end{array} & \begin{array} { l } \text { Real } \\\text { GDP }\end{array} & \begin{array} { l } \text { GDP } \\\text { Deflatar }\end{array} \\\hline 1 & \$ 11 & \$ 250 & 300 & 425 & & & \\\hline 2 & \$ 13 & \$ 258 & 310 & 570 & & & \\\hline 3 & \$ 12 & \$ 260 & 324 & 550 & & & \\\hline 4 & \$ 14 & \$ 262 & 410 & 580 & & & \\\hline\end{array}$$

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Definitions:

Drive-Reduction Theory

A psychological theory that explains motivation as being rooted in the desire to reduce internal states of tension.

Maslow's Hierarchy

A theory in psychology that prioritizes human needs in a pyramid structure, starting from basic physiological needs to self-actualization at the top.

Arousal Theory

A theory that suggests people are motivated to maintain an optimal level of arousal, which varies from one individual to another.

Social Networking Sites

Websites or platforms where individuals can create profiles, share information, and interact with others to maintain social connections.