Q6The country of Caspir produces only cereal and milk. Quantities and prices of thesegoods for the last several years are shown below. The base year is 2008.Prices and QuantitiesYearPrice of Cereal Quantity ofPrice of MilkQuantity ofMilkCereal2008$4.0090$1.501502009$4.00100$2.001802010$5.00120$2.502002011$6.00150$3.50200Refer to Table 10-4. In 2008, this country'sa. nominal GDP was greater than real GDP, and the GDP deflator was greater than100.b. nominal GDP was equal to real GDP, and the GDP deflator was equal to 1.c. nominal GDP was less than real GDP, and the GDP deflator was less than 100.d. nominal GDP was equal to real GDP, and the GDP deflator was equal to 100,

Nominal GDP refers to the total value of final goods and service produced during a given period in…

2009 $4.00 100 $2.00 180 2010 $5.00 120 $2.50 200 2011 $6.00 150 $3.50 200 Table 10-4. In 2008, this country's nominal GDP was greater than real GDP, and the GDP deflator was greater than 100. nominal GDP was equal to real GDP, and the GDP deflator was equal to 1. nominal GDP was less than real GDP, and the GDP deflator was less than 100. 1. nominal GDP was equal to real GDP, and the GDP deflator was equal to 100,

2009 $4.00 100 $2.00 180 2010 $5.00 120 $2.50 200 2011 $6.00 150 $3.50 200 Table 10-4. In 2008, this country's nominal GDP was greater than real GDP, and the GDP deflator was greater than 100. nominal GDP was equal to real GDP, and the GDP deflator was equal to 1. nominal GDP was less than real GDP, and the GDP deflator was less than 100. 1. nominal GDP was equal to real GDP, and the GDP deflator was equal to 100,

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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