1. 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. For2010,
   1. nominal GDP is $500, real GDP is $800, and the GDP deflator is62.5.
   2. nominal GDP is $500, real GDP is $800, and the GDP deflator is160.
   3. nominal GDP is $800, real GDP is $500, and the GDP deflator is62.5.
   4. nominal GDP is $800, real GDP is $500, and the GDP deflator is160.