If nominal GDP is $9,600 billion and the GDP deflator is 118.5, real GDP is
A. $10,852.7 billion.
B. $6,586.7 billion.
C. $3,657.0 billion.
D. $8,101.3 billion.
Answer: D
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What is meant by the term "long-run competitive equilibrium?
What will be an ideal response?
An economy that has a debt crisis is most likely to have
a. income greater than absorption b. production in excess of total demand c. low inflation d. an undervalued currency e. all of the above
Between World War II and the 1970s, three firms—General Motors, Chrysler, and Ford—produced and sold nearly all the output of the U.S. auto industry. These three firms had
A) an oligopoly. B) monopolistic competition. C) colluded. D) a pure monopoly.
In the short run, a firm that is a price taker will stay in business as long as
a. price equals average revenue. b. marginal revenue is greater than or equal to marginal cost. c. price exceeds average variable cost. d. price is less than average variable cost.