Use the following to answer questions .
Exhibit: Long-run Equilibrium 
-(Exhibit: Long-run Equilibrium) If the real GDP is $7,000 billion and the implicit price deflator is 1.16, what is the value of nominal GDP?
Definitions:
Spanish Model
Refers to the architectural, cultural, or political systems and practices influenced by or originating from Spain.
Joint Stock Companies
Businesses owned by shareholders who contribute capital and share in the profits and losses.
Massachusetts Bay Company
A joint-stock trading company chartered in 1629 to establish a colony in New England; played a key role in the settlement and development of Massachusetts.
Dutch West India Company
A chartered company of Dutch merchants in the 17th century that established and directed trade throughout the Atlantic, including the slave trade and the settlement of New Netherland, now New York.
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