If the Price Level Is 100 for 2005 and the Price

question 124

Multiple Choice

If the price level is 100 for 2005 and the price level is 106.5 in 2007,a nominal GDP in 2007 of $15,600 billion would mean that real GDP in 2007 (in 2005 prices) would be closest to

• A)$14,647.9 billion.
• B)$15,600.0 billion.
• C)$14,751.3 billion.
• D)$13,971.2 billion.

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Definitions:

Stimuli

External or internal factors that elicit a response or reaction from organisms.

Automatic Response

An involuntary reaction to a stimulus that occurs without conscious thought as a result of learning or biological predisposition.

Rooting

A reflex in infants that prompts them to turn their head towards anything that touches their cheek, aiding in the act of breastfeeding.

Eyeblink

A rapid closing and opening of the eyelid, often reflexive to protect the eye from foreign bodies or bright lights.