The Table Below Shows the Total Output and Prices for an Economy

question 63

Multiple Choice

The table below shows the total output and prices for an economy that produces only two goods,potatoes and oil.Data is provided for the years 2005 and 2015.
Quantities Produced Prices
TABLE 20-6
-Refer to Table 20-6.If 2005 is the base year,the GDP deflator in 2015 was

• A)59.1.
• B)85.7.
• C)100.
• D)131.67.
• E)159.1.

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Definitions:

Demand Curve

A visual chart that illustrates the connection between a product or service's price and the amount consumers want to buy over a specific time frame.

Price

Price is the amount of money expected, required, or given in payment for something.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price point, over a specific time period.

Market Prices

The amount of money required to purchase a good or service in a market.