Suppose a Nation's Nominal GDP Was $972 Billion in 2017

question 5

Multiple Choice

Suppose a nation's nominal GDP was $972 billion in 2017 and the general price index was 90 in 2017.To make the value of GDP in 2017 comparable with the value of GDP in the base year, the value of GDP in 2017 must be:

• A)adjusted downward to $678 billion.
• B)deflated to $896 billion.
• C)inflated to $1,080 billion.
• D)deflated to $1,080 billion.

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Definitions:

Deontology

A normative ethical theory that emphasizes duties and rules, holding that actions are morally obligatory, permissible, or forbidden primarily in virtue of their adherence to objective moral norms.

Deontology

An ethical theory that suggests actions should be judged based on whether they adhere to a set of rules or duties, regardless of the consequences.

Individual Rights

Refers to the rights guaranteed to individuals, typically by law or social agreement, that protect personal freedoms and ensure fair treatment.

Intentions

Plans or commitments individuals make toward achieving a specific outcome or behaving in a certain way.