Suppose an Economy Produces Only IPhones and Bananas

question 40

Multiple Choice

Suppose an economy produces only iPhones and bananas.In 2010,1000 iPhones are sold at $300 each and 5000 pounds of bananas are sold at $3 per pound.In 2009,the base year,iPhones sold at $400 each and bananas sold at $2 per pound.For 2010,

• A)nominal GDP is $315,000,real GDP is $410,000,and the GDP deflator is 76.83.
• B)nominal GDP is $410,000,real GDP is $315,000,and the GDP deflator is 130.16.
• C)nominal GDP is $315,000,real GDP is $410,000,and the GDP deflator is 130.16.
• D)nominal GDP is $410,000,real GDP is $315,000,and the GDP deflator is 76.83.

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