Use the Following to Answer Questions

question 82

Multiple Choice

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 1.08, what is the value of nominal GDP?

• A) $6,481 billion
• B) $7,000 billion
• C) $7,560 billion
• D) cannot be determined from the information given

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Definitions:

Breach of Contract

The failure to perform as stated in a contract without a legal excuse, leading to a violation of the agreement.

Principal Place

Typically refers to the main location or headquarters where a business operates or where its central operations are conducted.

Internet

A global network of interconnected computers and servers that enables the sharing of information and communication across vast distances.

Distant State

A term that may refer to a state that is geographically far from a certain reference point or in a figurative sense, indicating a state of being quite different from a current condition.