In 2010, Real GDP Was $13

question 276

Multiple Choice

In 2010, real GDP was $13.2 trillion (using 2005 prices) and nominal GDP was $14.6 trillion. Based on the GDP deflator, prices in 2010 were about _____ than prices in 2005.

• A) 9.6% lower
• B) 9.6% higher
• C) 10.6% lower
• D) 10.6% higher

---

Definitions:

Income Protection

An insurance policy that provides financial support to individuals if they are unable to work due to illness or injury, ensuring a continuation of earnings.

Scientific Management

A theory of management that analyzes and synthesizes workflows, aiming to improve economic efficiency and labor productivity through systematic study.

Mass Production

A manufacturing technique that involves producing large quantities of standardized products, often on assembly lines.

Human Resource Management

The strategic approach to the effective management of people in an organization, focusing on policies and systems to maximize employee performance.