Table 10-6
the Table Below Contains Data for the Country

question 325

Multiple Choice

Table 10-6
The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2009.Prices and Quantities
$$\begin{array} { c c c c c } \text { Year } & \text { Price of } & \text { Quantity af } & \text { Price af } & \text { Quantity af } \\& \text { Waffles } & \text { Waffles } & \text { Pancalkes } & \text { Pancalkes } \\\hline 2008 & \$ 2.00 & 100 & \$ 1.00 & 100 \\2009 & \$ 2.00 & 120 & \$ 2.00 & 150 \\2010 & \$ 2.00 & 150 & \$ 3.00 & 200 \\2011 & \$ 4.00 & 180 & \$ 3.00 & 220\end{array}$$
-Refer to Table 10-6. In 2009, this country's nominal GDP was

• A)$300.
• B)$390.
• C)$400.
• D)$540.

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Definitions:

LIFO

"Last In, First Out," an inventory valuation method assuming the last items placed in inventory are the first sold.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide the preparation of financial statements globally.

Market Recoveries

Refers to periods when financial markets rebound or recover value after a period of decline, often impacting investments and asset valuations positively.

Absorption Costing

A method of inventory costing that includes all manufacturing costs, both variable and fixed, in the cost of a product.