Table 15-4 the Country of Caspir Produces Only Cereal and Milk.Quantities and Milk.Quantities

question 200

Multiple Choice

Table 15-4
The country of Caspir produces only cereal and milk.Quantities and prices of these goods for the last several years are shown below.The base year is 2008.
Prices and Quantities

-Refer to Table 15-4.In 2008,this country's

• A) nominal GDP was greater than real GDP,and the GDP deflator was greater than 100.
• B) nominal GDP was equal to real GDP,and the GDP deflator was equal to 1.
• C) nominal GDP was less than real GDP,and the GDP deflator was less than 100.
• D) nominal GDP was equal to real GDP,and the GDP deflator was equal to 100.

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Definitions:

Energy Crisis

A condition characterized by a significant shortage of energy resources, leading to escalated energy prices and potentially impacting economic and social activities.

Gasoline Consumption

The total amount or volume of gasoline used by consumers or industries within a given period.

Market Adjustment

The process by which market forces of supply and demand determine prices and quantity of goods and services, leading to an equilibrium state.

Price-taker Market

A market situation where individual sellers or buyers have no control over the price of a product, typically seen in perfectly competitive markets.