If Nominal GDP in Some Year Is $3800 and the GDP

question 17

Multiple Choice

If nominal GDP in some year is $3800 and the GDP deflator for the same year is 152,then the real GDP for that year is

• A)$2280.
• B)$2500.
• C)$3500.
• D)$3800.
• E)$5776.

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Definitions:

Dutch Auction

A type of auction where the auctioneer starts with a high asking price which is lowered until some participant is willing to accept the auctioneer’s price, or a predetermined minimum price is reached.

Sealed-Bid Auction

A type of auction where all bidders simultaneously submit sealed bids without knowing the bids of other participants.

Reserve Price

The minimum price a seller is willing to accept for an item being sold at auction.

English Auction

A type of auction in which the price ascends as participants sequentially bid higher prices until only one bidder remains, who wins the item.