Suppose an Economy's Production Consists Only of Corn and Soybeans

question 18

Multiple Choice

Suppose an economy's production consists only of corn and soybeans.In 2005,20 bushels of corn are sold at $4 per bushel and 10 bushels of soybeans are sold at $2 per bushel.In 2004,the price of corn was $2 per bushel and the price of soybeans was $1 per bushel.Using 2004 as the base year,it follows that,for 2005,

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

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Definitions:

Psychology Of Working

An interdisciplinary field that examines individuals' experiences in their work environments, focusing on the meaning of work and its influence on well-being, identity, and societal structures.

Agentic

Pertaining to an individual's capability to act independently and to make their own free choices, as opposed to being influenced by external forces.

Free Will

The concept that individuals have the ability to make choices that are not predetermined by past events, emphasizing personal autonomy and ethical responsibility.

Career Adaptability

Readiness and resources to cope with repeated career decisions and challenges.