If the Nominal GDP in 2002 Is $8,000 Billion and the Implicit

question 63

Multiple Choice

If the nominal GDP in 2002 is $8,000 billion and the implicit price deflator is 1.4, what is the value of real GDP in 2002?

• A)$700 billion
• B)$5,714 billion
• C)$8,000 billion
• D)$11,200 billion

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Definitions:

Exchange Theory

A social theory that suggests human relationships are formed by the use of a subjective cost-benefit analysis and the comparison of alternatives.

Costs and Benefits

An analysis or assessment of the negative and positive impacts of a decision or action.

Narcissists

Individuals who exhibit narcissism, characterized by an excessive preoccupation with self, a need for admiration, and a lack of empathy for others.

Charming

Possessing a delightful or alluring quality capable of attracting or enchanting others.