(Table) According to the Table, Real GDP for 2014 Is

question 157

Multiple Choice

(Table) According to the table, real GDP for 2014 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) $6,552 billion.
• B) $7,052 billion.
• C) $7,552 billion.
• D) $8,052 billion.

Analyze the impact of external factors on labor productivity.

Explain how interest income fits into the broader economic income concept.

Describe market equilibrium processes for capital and land.

Discuss wage determination theory in the context of developing countries.

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Definitions:

Platt Amendment

1901 amendment to the Cuban constitution that reserved the United States’ right to intervene in Cuban affairs and forced newly independent Cuba to host American naval bases on the island.

Herbert Hoover

The 31st President of the United States, serving from 1929 to 1933, whose term was marked by the onset of the Great Depression.

America First Committee

A non-interventionist group formed in the United States prior to World War II that advocated for keeping the US out of the conflict.

Henry Ford

An American industrialist and the founder of Ford Motor Company, he revolutionized factory production with his assembly line methods.