Use the Following Information to Answer the Next Several Questions

question 30

Multiple Choice

Use the following information to answer the next several questions:
Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2015, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2016, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively.
-Based on the information in Scenario 1, nominal GDP grew by about ________ percent from 2015 to 2016.

• A) 23
• B) 31
• C) 62
• D) 162

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Definitions:

Tune Out

The act of ignoring or choosing not to engage with a message, advertisement, or piece of content.

Viewing by Children

Viewing by children pertains to monitoring and managing the content accessible to children on television, the internet, and other digital platforms to ensure it is appropriate for their age group.

Consumers

Individuals or groups who purchase goods and services for personal use or consumption.

Climate Change

is the long-term alteration of temperature and typical weather patterns in a place, largely attributed to human activities such as burning fossil fuels.