Suppose an Economy Produces Only Cranberries and Maple Syrup

question 46

Multiple Choice

Suppose an economy produces only cranberries and maple syrup.In 2010,50 units of cranberries are sold at $20 per unit and 100 units of maple syrup are sold at $8 per unit.In 2009,the base year,the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit.For 2010,

• A)nominal GDP is $1800,real GDP is $2000,and the GDP deflator is 90.
• B)nominal GDP is $1800,real GDP is $2000,and the GDP deflator is 111.1.
• C)nominal GDP is $2000,real GDP is $1800,and the GDP deflator is 90.
• D)nominal GDP is $2000,real GDP is $1800,and the GDP deflator is 111.1.

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Definitions:

Reciprocal Determinism

A concept in psychology that suggests a person's behavior both influences and is influenced by personal factors and the social environment.

Classical Conditioning

A learning process in which a natural response becomes triggered by a previously neutral stimulus by repeatedly associating it with a stimulus that automatically triggers that response.

Congruence

The state of agreement or harmony between objects, ideas, or values.

Collective Unconscious

A term coined by Carl Jung, referring to structures of the unconscious mind which are shared among beings of the same species.