Suppose an Economy Produces Only Cranberries and Maple Syrup

question 59

Multiple Choice

Suppose an economy produces only cranberries and maple syrup.Last year,50 units of cranberries are sold at $20 per unit,and 100 units of maple syrup are sold at $10 per unit.If the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit in the base year,what can we conclude?

• A) Nominal GDP is $2500,real GDP is $2000,and the GDP deflator is 125.
• B) Nominal GDP is $2000,real GDP is $2500,and the GDP deflator is 125.
• C) Nominal GDP is $2000,real GDP is $2000,and the GDP deflator is 100.
• D) Nominal GDP is $2500,real GDP is $2500,and the GDP deflator is 100.

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Definitions:

Employers

Individuals or organizations that hire and pay people to work for them, providing compensation in exchange for the employees' work and services.

Supervisors

Individuals in a position of authority within an organization who oversee and manage the work of other employees.

Workers

Individuals engaged in any form of physical or intellectual effort aimed at producing goods or providing services.

Benefits Information

Refers to details provided to employees regarding their entitlements, such as health insurance, retirement plans, and other perks associated with their employment.