The Table Below Gives the Quantities and Prices for 2005

question 39

Multiple Choice

The table below gives the quantities and prices for 2005 and 2015 for an economy that produces just two goods: sailboats and coconuts.  
For this economy that produces just sailboats and coconuts, and with 2005 as the base year, nominal GDP was approximately ________ times larger in 2015 than it was in 2005.

• A)1.34
• B)1.65
• C)1.77
• D)2.19

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Definitions:

Price Fixing

Price fixing is an agreement among competitors to set prices of goods or services at a certain level, often illegally, to minimize competition.

Oligopolies

Market structures in which a few firms dominate the industry, often leading to limited competition and higher prices for consumers.

Outright Collusion

An openly cooperative effort among competitors to manipulate market prices, limit competition, or divide markets among themselves illegally.

Oligopolist

A market participant in an oligopoly, meaning they are one of a few firms dominating a particular industry, often influencing prices and market conditions.