If Nominal Gross Domestic Product (GDP)for a Particular Year Is

question 29

Multiple Choice

If nominal gross domestic product (GDP) for a particular year is $6 trillion and real gross domestic product (GDP) for that year is $5 trillion,then the GDP price index for that year is _____.

• A)1.2
• B)17
• C)20
• D)83​
• E)120

---

Definitions:

Quantity Demanded

The complete quantity of a product or service that buyers are ready and capable of buying at a certain price during a designated time frame.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale.

Production Possibility Frontier

A graph that shows the maximum possible output combinations of two goods or services an economy can achieve when using all available resources efficiently.