-Suppose GDP Consists of Wheat and Rice

question 23

Multiple Choice

-Suppose GDP consists of wheat and rice. In 2006, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold at $2 per bushel. If the price of wheat was $2 per bushel and the price of rice was $1 per bushel in 2001, the base year, what can we conclude?

• A)Nominal 2006 GDP is $100, real 2006 GDP is $50, and the GDP deflator is 50.
• B)Nominal 2006 GDP is $100, real 2006 GDP is $50, and the GDP deflator is 200.
• C)Nominal 2006 GDP is $50, real 2006 GDP is $100, and the GDP deflator is 200.
• D)Nominal 2006 GDP is $40, real 2006 GDP is $100, and the GDP deflator is 50.

---

Definitions:

Permissive-indulgent

A parenting style characterized by low demands with high responsiveness, where parents are indulgent and may not enforce consistent limits.

Authoritative Parenting

A parenting style that is high in both responsiveness and demandingness, combining support with clear and consistent rules.

Decentration

Simultaneous focusing on more than one aspect or dimension of a problem or situation.

Principle

A fundamental truth or proposition that serves as the foundation for a system of belief or behavior.