If in Some Year Nominal GDP Was $20 Billion and the GDP

question 28

Multiple Choice

If in some year nominal GDP was $20 billion and the GDP deflator was 50,what was real GDP?

• A)$2.5 billion.
• B)$10 billion.
• C)$40 billion.
• D)$100 billion.

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Definitions:

Union Coverage Rates

The percentage of employees who are members of a union or covered by a collective bargaining agreement.

Organizational Decision Making

The process by which decisions are made in an organization, which involves identifying and choosing alternatives based on values and preferences of the decision-maker.

Labor Relations Strategy

A plan devised by organizations to manage interactions with employees and their representatives in a way that advances the company's objectives.

Collective Bargaining

Collective bargaining is the process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions, wages, and other aspects of workers' compensation and rights.