• 2021-04-14
    Suppose an economy produces only cheese and fish. In 2008, 20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each. In 2007, the base year, the price of cheese was $10 per unit and the price of fish was $75 per unit. For 2008, ( )? nominal GDP is $800, real GDP is $500, and the GDP deflator is 160.|nominal GDP is $500, real GDP is $800, and the GDP deflator is 160.|nominal GDP is $500, real GDP is $800, and the GDP deflator is 62.5.|nominal GDP is $800, real GDP is $500, and the GDP deflator is 62.5.