The Table Below Gives the Quantities and Prices for 2000

question 28

Multiple Choice

The table below gives the quantities and prices for 2000 and 2010 for an economy that produces just two goods: sailboats and coconuts. $$\begin{array} { | l | c | c | c | c | } \hline & &{ \text { Quantity produced } } & & { \text { Price } } \\\hline & \mathbf { 2 0 0 0 } & \mathbf { 2 0 1 0 } & \mathbf { 2 0 0 0 } & \mathbf { 2 0 1 0 } \\\hline \text { Sailboats } & 10 & 20 & \$ 500 & \$ 525 \\\hline \text { Coconuts } & 2,000 & 2,400 & \$ 1 & \$ 2 \\\hline\end{array}$$ For this economy that produces just sailboats and coconuts, and with 2000 is the base year, nominal GDP was approximately ______ times larger in 2010 than it was in 2000.

• A) 1.34
• B) 1.65
• C) 1.77
• D) 2.19

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Definitions:

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