During 2010, a country reports that its price level fell and the money wage rate did not change. These changes led to
A) a lower real wage rate, lower profits, and a decrease in the quantity of real GDP supplied.
B) a higher real wage rate, lower profits, and a decrease in the quantity of real GDP supplied.
C) a higher real wage rate, higher profits, and an increase in the quantity of real GDP supplied.
D) a lower real wage rate, higher profits, and an increase in the quantity of real GDP supplied.
E) no change in the real wage rate and an increase in aggregate demand.
Question 2
Assume that a small country produces only green peppers and red peppers. Last year, it produced 100 green peppers and 50 red peppers and sold them at prices of 2 per green pepper and 3 per red pepper.
This year, it produced 150 green peppers and 60 red peppers and sold them at prices of 2 per green pepper and 4 per red pepper. What is real GDP this year if the base year is last year?
A) 540 B) 350 C) 890 D) 400 E) 480
Data for 2009 Data for 2010
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