In August 2011, Standard & Poor's (S&P) changed its ...

[captainjonesify]

In August 2011, Standard & Poor's (S&P) changed its rating on U.S. Treasury bonds from AAA to AA+ based on the state of the federal government's budget deficit.
 
  This was the ________ a rating agency had given Treasury bonds less than a rating of AAA.
  A) first time ever B) second time since the year 2000
  C) fifth time in history D) first time since the Great Depression

Question 2

Refer to Table 8-7. Suppose that a simple economy produces only four goods and services: iPods, t-shirts, bottled water, and oranges. Calculate nominal GDP for this simple economy.
 
  What will be an ideal response?

[Mochi]

Answer to Question 1

C

Answer to Question 2

Nominal GDP equals (20