Table 12-18 A Very Simple Economy Produces Three Goods: Cameras, Legal Services

question 140

Multiple Choice

Table 12-18
$\begin{array}{|c|c|c|c|c|}\hline & 2013 & & 2018 & \\\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Camera } & 100 & \$ 10 & 120 & \$ 12 \\\hline \text { Legal services } & 50 & 15 & 45 & 20 \\\hline \text { Books } & 200 & 40 & 210 & 45 \\\hline\end{array}$ A very simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.
-Refer to Table 12-18.What is the GDP deflator in 2013 if 2018 is the base year?

• A) 187
• B) 87
• C) 8.7
• D) 0.87

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Definitions:

Epiphytes

Plants that grow on other plants for physical support but do not derive nutrients from them, obtaining moisture and nutrients from the air, rain, and sometimes from debris accumulating around them.

Aerial Roots

Roots that are not buried in soil but instead hang in the air, found in certain plants, where they absorb moisture from the atmosphere and sometimes aid in attachment.

Soil PH

A measure of the acidity or alkalinity of soil, affecting nutrient availability, microbial activity, and plant growth.

Acidic Soil

Soil with a pH value below 7, characterized by its capacity to mobilize some nutrients while potentially limiting the availability of others, affecting plant growth and soil health.