(Solved): Suppose an economy produces only cheese and fish. In 2010, 20 units of cheese are sold at \$5 each ...

Suppose an economy produces only cheese and fish. In 2010, 20 units of cheese are sold at \$5 each and 8 units of fish are sold at $\$50$ each. In 2009 , the base year, the price of cheese was $\$10$ per unit and the price of fish was $\$75$ per unit. For 2010 , Select one: a.nominal GDP is $\$500$, real GDP is $\$800$, and the GDP deflator is 160 , b.nominal GDP is $\$800$, real GDP is $\$500$, and the GDP deflator is 160 . cnominal GDP is $\$800$, real GDP is $\$500$, and the GDP deflator is 62.5 . d.nominal GDP is $\$500$, real GDP is $\$800$, and the GDP deflator is 62.5 .