Suppose an economy produces only iPhones and bananas. In 2010, 1000 iPhones are sold at $300 each and 5000 pounds of
bananas are sold at $3 per pound. In 2009, the base year, iPhones sold at $400 each and bananas sold at $2 per pound. For
2010,
Select one:
a.nominal GDP is $315,000, real GDP is $410,000, and the GDP deflator is 130.16.
b.nominal GDP is $410,000, real GDP is $315,000, and the GDP deflator is 76.83.
c.nominal GDP is $410,000, real GDP is $315,000, and the GDP deflator is 130.16.
d.nominal GDP is $315,000, real GDP is $410,000, and the GDP deflator is 76.83.