The Table Below Shows Total Output for an Economy Over

question 103

Multiple Choice

The table below shows total output for an economy over 2 years. TABLE 20-5 Refer to Table 20-5.If 2018 is the base year,the GDP deflator in 2018 was

• A)100.
• B)102.
• C)180.
• D)193.
• E)1000.

---

Definitions:

Income Statement

A financial document that shows a company's revenues, expenses, and net profit or loss over a specific period of time.

Balance Sheet

An official record presenting the total assets, liabilities, and net worth of shareholders of a firm at a fixed point in time.

Adjusting Journal Entry

Entries made in accounting records to update the balances of accounts before producing financial statements, ensuring they adhere to the accrual basis of accounting.

Salaries

Compensation given to employees for their labor or services, typically paid on a monthly or biweekly basis.