Suppose an economy produces only burgers and bags of fries. In 2010, 4000 burgers are sold at $3 each and 6000 bags of fires are sold at $1.50 each.
In 2008, the base year, burgers sold for $2.50 each and bags of fries sold for $2 each.
a. nominal GDP is $22,000 real GDP is $21,000, and the GDP deflator is 95.45.
b. nominal GDP is $22,000, real GDP is $21,000, and the GDP deflator is 104.77.
c. nominal GDP is $21,000, real GDP is $22,000, and the GDP deflator is 95.45.
d. nominal GDP is $21,00, real GDP is $22,000, and the GDP deflator is 104.77.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose an economy produces only burgers and bags of fries. In 2010, 4000 burgers are sold at $3 each and 6000 bags of fires are sold at ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $13.00 per direct labor-hour and $9.00 per direct labor-hour, respectively.
Answers (1)
Almost 80% of business owners are clueless about the competition, resulting in Question options: lost market share and customers. needless lawsuits. lack of perseverance.
Answers (2)
You are faced with the probability distribution of the HPR on the stock market index fund given in Spreadsheet 5.1 of the text.
Answers (1)
The Sheridan Company purchased $7140 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1260 on hand.
Answers (1)
Farmers bank offers to lend you $50,000 at a nominal rate of 5.0%, simple interest, with interest paid quarterly. merchants bank offers to lend you the $50,000, but it will charge 6.8%, simple interest, with interest paid at the end of the year.
Answers (1)
New Questions in Business
Omaha Plating Corporation is considering purchasing a machine for $1,500,000. The machine is expected to generate a constant after-tax income of $100,000 per year for 15 years.
Answers (1)
36. A manufacturer's or supplier's use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing, is called: a. outsourcing. b. mediation. c.
Answers (2)
The demand for salt is inelastic, and the supply of salt is elastic. The demand for caviar is elastic, and the supply of caviar is inelastic.
Answers (1)
A match is an example of something that stores what?
Answers (1)
For the following statement, state the relevant elasticity and state what its value should be (negative, positive, greater than one, zero, and so on). The demand for European vacations increases during times of rising incomes. a.
Answers (1)