If the Nominal GDP Is $13 Trillion for a Given

question 162

Multiple Choice

If the nominal GDP is $13 trillion for a given year and the GDP deflator for that year is 115, then the real GDP is:

• A) $11.3 trillion.
• B) $14.95 trillion.
• C) $12.0 trillion.
• D) $13.0 trillion.

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Definitions:

International Accounting Standards Board

An independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs).

IFRS

International Financial Reporting Standards are a set of accounting rules and standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.

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