Use the Following to Answer Questions

question 79

Multiple Choice

Use the following to answer questions:
Scenario: Real GDP
Suppose that in year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each.
-(Scenario: Real GDP) Look at the scenario Real GDP. The value of nominal GDP in years 1 and 2 respectively is:

• A)$900 and $1,077.50.
• B)$900 and $990.
• C)$180,000 and $257,400.
• D)$1,000 and $1,005.

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Definitions:

Association

The process by which ideas or mental states are linked together in the mind, or the relationship between things based on experience or co-occurrence.

Nativist Belief

A perspective that much of human behavior and cognition is innate, heavily influenced by genetic factors.

Tabula Rasa

A philosophical theory suggesting the mind starts as a blank slate, without innate knowledge, and experience shapes understanding.

Human Knowledge

The collective information and understanding that has been accumulated by humans over the course of history, encompassing facts, concepts, theories, and principles about the natural world and human culture.