A Country Reported a Nominal GDP of $100 Billion in 2020

question 147

Multiple Choice

A country reported a nominal GDP of $100 billion in 2020 and $75 billion in 2019 and reported a GDP deflator of 125 in 2020 and 120 in 2019. What happened to real output and prices from 2019 to 2020?

• A) Real output and prices both rose.
• B) Real output rose and prices fell.
• C) Real output fell and prices rose.
• D) Real output and prices both fell.

Know the provisions of the Federal Employee Polygraph Protection Act regarding the use of lie detectors.

Analyze the rights of an injured employee against their employer under common law and the impact of workers' compensation acts.

Describe the remedies available for violations of the Civil Rights Act of 1964.

Recognize remedies available under the Equal Pay Act.

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Definitions:

Cost Of Goods Sold

An accounting term referring to the direct costs attributable to the production of the goods sold by a company.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, becoming the next period's beginning inventory.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, such as monthly or annually, rather than continuously.

FIFO

"First In, First Out," an inventory valuation method assuming that the oldest items in inventory are sold or used first.