Suppose an Economy Produces Only Eggs and Ham

question 24

Multiple Choice

Suppose an economy produces only eggs and ham.In 2009,100 dozen eggs are sold at $3 per dozen and 50 pounds of ham sold at $4 per pound.In 2010,the base year,eggs sold at $1.50 per dozen and ham sold at $5 per pound.For 2009,

• A)nominal GDP is $400,real GDP is $500,and the GDP deflator is 80.
• B)nominal GDP is $400,real GDP is $500,and the GDP deflator is 125.
• C)nominal GDP is $500,real GDP is $400,and the GDP deflator is 80.
• D)nominal GDP is $500,real GDP is $400,and the GDP deflator is 125.

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Definitions:

Speaking Up

Involves expressing one's opinions or concerns openly in situations, especially to address issues or improve conditions.

Organizations

Groups of people structured and managed to meet a need or to pursue collective goals on a continuing basis.

Feedback Orientation

An individual's overall receptivity to feedback, reflecting their attitude and response towards receiving performance-related information.

MUM Effect

The tendency to avoid communicating unfavorable news or information, thereby withholding important or critical feedback.