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:

Inventory Records

Documentation and tracking of a company's stock of goods or materials, essential for managing inventory levels and financial reporting.

Base Period

A specific time period used as a comparison point for assessing economic or financial data across different periods of time.

Variable Costing

An accounting method that only includes variable costs, such as materials and labor, in the cost of goods sold and excludes fixed overhead costs.

Direct Costing

A method in managerial accounting that includes variable costs directly attributable to the production of a product in the cost of goods sold, excluding fixed costs.