The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Quantity of Cereal Year Price of Cereal Price of Milk Quantity of Milk 2008 $4.00 90 $1.50 150 2010 $5.00 120 $2.50 200

The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Quantity of Cereal Year Price of Cereal Price of Milk Quantity of Milk 2008 $4.00 90 $1.50 150 2010 $5.00 120 $2.50 200

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 20CTQ: U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up...

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Question

The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last
several years are shown below. The base year is 2008.
Prices and Quantities
Quantity of
Cereal
Year
Price of Cereal
Price of Milk
Quantity of
Milk
2008
$4.00
90
$1.50
150
2010
$5.00
120
$2.50
200
In 2010, this country's
Select one.
O a.
real GDP was $780, and the GDP deflator was 1333
Ob. real GDP was $825, and the GDP deflator was 141.0
01eal GDP was $825, and the GDP deflator was 133.
d.-real GDP was $780, and the GDP deflator was 141.0

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