Table 23-9 a Country Produces Only Ice Cream and Pie. Quantities and Quantities

question 421

Multiple Choice

Table 23-9
A country produces only ice cream and pie. Quantities and prices of these goods for the last several years are shown below. The base year is 2008.
-Refer to Table 23-9. In 2009, this country's

• A)real GDP was $250, and the GDP deflator was 125.
• B)real GDP was $250, and the GDP deflator was 120.
• C)real GDP was $240, and the GDP deflator was 125.
• D)real GDP was $240, and the GDP deflator was 120.

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Definitions:

Revenue Accounts

Accounts recording the income a company generates from its operations, not related to its investments or other sources.

Gain Accounts

Accounts reflecting increases in equity, other than those relating to contributions from equity participants, typically from transactions and other events affecting the entity.

Debited

To be debited means an amount has been recorded on the left-hand side of a financial account, indicating an increase in assets or a decrease in liabilities.

Insurance Policy

A contract between an insurer and a policyholder that specifies the terms under which the insurer agrees to compensate the policyholder for specified losses.