If the Nominal GDP in 2002 Is $8,000 Billion and the Implicit

question 10

Multiple Choice

If the nominal GDP in 2002 is $8,000 billion and the implicit price deflator is 1.4, what is the approximate value of real GDP in 2002?

• A) $6,796 billion
• B) $5,714 billion
• C) $8,276 billion
• D) $6,238 billion

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Definitions:

Obligor

An obligor is an individual or entity legally obliged to provide a benefit or payment to another under the terms of a contract.

Assignment

The transfer of rights, property, or obligations from one party to another, often seen in contractual and legal contexts.

Delegation

The act of assigning responsibility or authority from one person or entity to another to carry out specific activities or tasks.

Third-Party Beneficiary

A person who, although not a party to a contract, stands to benefit from the contract's execution or performance.