(Table) According to the Table, Nominal GDP for 2013 Is

question 78

Multiple Choice

(Table) According to the table, nominal GDP for 2013 is approximately: $$\begin{array} { | l | c | r | r | } \hline & \mathbf { 2 0 1 2 } & \mathbf { 2 0 1 3 } & \mathbf { 2 0 1 4 } \\\hline \text { Nominal GDP (billions of \$) } & \$ 2,291 & & \$ 8,511 \\\hline \text { Real GDP (billions of \$) } & \$ 4,500 & \$ 5,865 & \\\hline \text { GDP Deflator } & & 86.1 & 112.7 \\\hline\end{array}$$

• A) $5,050 billion.
• B) $5,250 billion.
• C) $5,450 billion.
• D) $5,650 billion.

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Definitions:

World Price

The global market rate at which a good can be bought or sold, influenced by supply and demand on an international scale.

United States

A country in North America consisting of 50 states and a federal district, known for its significant influence on world economy, politics, and culture.

Deadweight Loss

The loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.

Tariff

A levy placed on goods and services brought into a country to raise their cost and enhance the competitiveness of homegrown products.