Suppose Nova Scotia Produces Only Cheese and Fish

question 163

Multiple Choice

Suppose Nova Scotia produces only cheese and fish. Last year, 20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each. If in the base year the price of cheese was $10 per unit and the price of fish was $75 per unit, what can we conclude?

• A) Nominal GDP is $500, real GDP is $800, and the GDP deflator is 62.5
• B) Nominal GDP is $500, real GDP is $800, and the GDP deflator is 160
• C) Nominal GDP is $800, real GDP is $500, and the GDP deflator is 160
• D) Nominal GDP is $800, real GDP is $500, and the GDP deflator is 62.5

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Definitions:

Affective Forecasting

Predicting one’s own emotional response to upcoming events.

Affective Forecasting

The process by which individuals predict their future emotional states in response to events or decisions.

Judgment and Reasoning

The cognitive processes involved in forming opinions, making decisions, and solving problems.

Educational Programs

Structured sets of learning experiences or activities intended to achieve a particular set of competencies or educational objectives.