-Bananaland Produces Only Bananas and Sunscreen and the Quantities and Prices

question 222

Multiple Choice

-Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above.Between 2012 and 2013,which grew more rapidly,nominal GDP or real GDP?

• A)Nominal GDP grew more rapidly.
• B)Real GDP grew more rapidly.
• C)Both grew at the same rate.
• D)Because real GDP and nominal GDP use different prices,it is not possible to determine which grew most rapidly.
• E)More information is needed to determine which grew more rapidly.

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Definitions:

Relative Confidentiality

A principle in certain professions where the confidentiality of client information is respected but may be overridden in specific circumstances determined by law or ethical guidelines.

Privilege

Special rights, advantages, or immunities granted or available only to a particular person or group of people.

Maximizing

The process of making the most or best use of resources, opportunities, or capabilities.

Self-Determination

A principle referring to the right of a people to determine their own destiny or governance.