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 mapie syniip 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 $2000, real GDP is $1800, and the GDP deflator is 111.1. B. nominal GDP is $1800, real GDP is $2000, and the GDP deflator is I11.1. C.nominal GDP is $1800, real GDP is $2000, and the GDP deflator is 90. D. nominal GDP is $2000, real GDP is $1800, and the GDP deflator is 90
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 mapie syniip 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 $2000, real GDP is $1800, and the GDP deflator is 111.1. B. nominal GDP is $1800, real GDP is $2000, and the GDP deflator is I11.1. C.nominal GDP is $1800, real GDP is $2000, and the GDP deflator is 90. D. nominal GDP is $2000, real GDP is $1800, and the GDP deflator is 90
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 6PA
Related questions
Question
100%
I need the answer as soon as possible
Transcribed Image Text:29.
Suppose an economy produces only cranberries and maple syrup. In 2010, S0 units of cranberries are sold at $20 per unit and 100 units of maple synip
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 $2000, real GDP is $1800, and the GDP deflator is 111.1.
B. nominal GDP is $1800, real GDP is $2000, and the GDP deflator is 111.1.
C. nominal GDP is $1800, real GDP is $2000, and the GDP deflator is 90.
D. nominal GDP is $2000, real GDP is $1800, and the GDP deflator is 90
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
