Suppose an economy’s production consists only of corn and soybeans. In 2010, 20 bushels of corn are sold at $?
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A)nominal GDP is $50, real GDP is $100, and the GDP deflator is 50.
B)nominal GDP is $50, real GDP is $100, and the GDP deflator is 200.
C)nominal GDP is $100, real GDP is $50, and the GDP deflator is 50.
D)nominal GDP is $100, real GDP is $50, and the GDP deflator is 200.
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Both A and D are right.The price could be either $50 or $200.
GDP deflator = GDP/RGDP x 100
only A and D satisfy .
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