Assume that the nominal GDP for a given year is equal to $12,400 billion and the GDP deflator equals 112. Real GDP for that year is approximately
A. $12,228.1 billion.
B. $12,512.0 billion.
C. $13,888.0 billion.
D. $11,071.4 billion.
Answer: D
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Which of the following statements best describes why we cannot be assured that bureaucrats who believe in the mission of their bureaus will always act in the public interest?
a. Logrolling among members of Congress ties the hands of the bureaucracy, preventing them from acting in the public interest. b. Bureaucrats do not personally benefit from larger budgets, but if they care about the mission of the bureau they will personally gain from acting in the public interest. c. Free riding on the work of other within the bureau will make acting in the public interest impossible. d. Self-interest is a powerful motivator, regardless of whether an individual operates in the public or private sector.
In regression analysis, the explanatory variables
A) are always price and income. B) are the variables whose variations are to be explained. C) are the factors that are thought to affect the dependent variable. D) are used to explain the random error term.
All of a firm's inputs are considered to be variable in the long run
a. True b. False Indicate whether the statement is true or false
Scarce goods are: a. desirable and unlimited in amount
b. undesirable and unlimited in amount. c. desirable and limited in amount. d. undesirable and limited in amount.