If the Real GDP in 2003 Is $12,400 Billion and the Implicit

question 34

Multiple Choice

If the real GDP in 2003 is $12,400 billion and the implicit price deflator is 1.4, what is the approximate value of nominal GDP in 2003?

• A) $8,860 billion
• B) $15,880 billion
• C) $12,140 billion
• D) $17,360 billion

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Definitions:

Pet Food

Specially formulated food intended for consumption by pets, such as dogs and cats, designed to meet their nutritional needs.

Cash Discount

A deduction from the invoice price that a seller allows a buyer to encourage prompt payment.

Partial Payment

A payment that is made towards a bill or a debt that is not the full amount owed at that time.

Woolen Fabrics

Textile materials made from wool, characterized by their warmth, durability, and softness.