Real GDP Is $2,000 Billion, the GDP Deflator Is 120

question 4

Multiple Choice

Real GDP is $2,000 billion, the GDP deflator is 120 a price level of 1.2) , and the velocity of circulation is 5.Nominal GDP is

• A)$24 billion.
• B)$2,000 billion.
• C)$600 billion.
• D)$2,400 billion.
• E)$166.67 billion.

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Definitions:

Expected Number

The calculated average or mean value of a numeric dataset, predicting the central value around which other values tend to cluster.

Customers In Service

The number of customers currently being served or assisted in a service-based business or setting.

Probability

The measure of the likelihood or chance that a particular event will occur, expressed as a number between 0 and 1.

System

A set of connected elements or components that function together as a complex whole, often described in terms of inputs, processes, outputs, and feedback.