If Nominal GDP in Some Year Is $280 and Real

question 157

Multiple Choice

If nominal GDP in some year is $280 and real GDP is $160 the GDP price index for that year is:

• A)175
• B)57
• C)160
• D)280

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Definitions:

Expanded Consumer Rights

Refers to the extension of legal protections and privileges aimed at safeguarding consumers in their transactions and interactions with businesses.

Minimum Standards

Basic requirements established by regulation or law that entities must meet regarding quality, safety, or performance.

Collection Agency

A business that pursues payments of debts owed by individuals or businesses.

Garnishment of Wages

A legal process where a portion of an individual's earnings is withheld by an employer for the payment of a debt.