Table 7.1GDP?Nominal GDP(in billions of dollars)GDP deflatorCPI2002S6,992.4106.2151.620037,431.6109.1153.820047,843.2112.3157.8Based on Table 7.1, the real GDP for 2004 was
A. $6,811.7 billion.
B. $6,584.2 billion.
C. $4,970.3 billion.
D. $6,984.1 billion.
Answer: D
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A hypothetical open economy has a marginal propensity to import (MPI) equal to 0.2 and a marginal propensity to consume equal to 0.7 . Assume that the economy is initially in equilibrium. What is the marginal propensity to save of this economy?
a. 0.2 b. 0.3 c. 0.7 d. 0.9 e. 0.6
Durable and nondurable goods and services lumped together in the expenditure approach to measuring GDP are called:
a. Personal consumption. b. Gross private domestic investment. c. Government spending. d. Inventory. e. Employee compensation.
Double-entry bookkeeping for the balance of payments requires that:
a. the current account always equal the balance of payments. b. every transaction be recorded as a credit and a debit at the same time. c. total credits always exceed total debits. d. every transaction be recorded as either a credit or a debit. e. total debits always exceed total credits.
Which of the following statements is true?
a. Whenever marginal cost is below average total cost, marginal cost is decreasing. b. Whenever marginal cost is above average total cost, marginal cost is decreasing. c. Whenever marginal cost is above average total cost, average total cost is increasing. d. When marginal cost equals average total cost, marginal cost is minimized