Suppose that in 2020, nominal Gross Domestic Product (GDP) for the economy of Chiconia was $10 trillion and the Gross Domestic Product (GDP) price index was 200.0. What is Chiconia's real Gross Domestic Product (GDP) in 2020?
A. $200 trillion
B. $10 trillion
C. $5 trillion
D. $20 trillion
Answer: C
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Entrepreneurs directly do all of the following EXCEPT
A) create new ideas about what and how to produce. B) make business decisions. C) face risks that arise from making business decisions. D) decide for whom goods and services are produced.
Refer to Table 21-1. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) 1% B) 1.5% C) 2% D) 3%
Gross domestic product is defined as the ____________ value of all final goods and services produced in a nation in a year.
a. past b. future c. current d. historical
The primary economic role of financial markets is to
A. Provide the federal government with a source of loanable funds when it has a budget deficit. B. Gain profits for investors. C. Earn dividends for shareholders. D. Allocate resources to profitable businesses and away from businesses with losses.