Suppose Nova Scotia Produces Only Cheese and Fish

question 163

Multiple Choice

Suppose Nova Scotia produces only cheese and fish. Last year, 20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each. If in the base year the price of cheese was $10 per unit and the price of fish was $75 per unit, what can we conclude?

• A) Nominal GDP is $500, real GDP is $800, and the GDP deflator is 62.5
• B) Nominal GDP is $500, real GDP is $800, and the GDP deflator is 160
• C) Nominal GDP is $800, real GDP is $500, and the GDP deflator is 160
• D) Nominal GDP is $800, real GDP is $500, and the GDP deflator is 62.5

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