If the Real GDP in 2003 Is $12,400 Billion and the Implicit

question 39

Multiple Choice

If the real GDP in 2003 is $12,400 billion and the implicit price deflator is 1.4, what is the value of nominal GDP in 2003?

• A)approximately $886 billion.
• B)approximately $8,857 billion.
• C)approximately $15,427 billion.
• D)$17,360 billion.

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Definitions:

Behavioural Learnings

The process of acquiring new behaviors or modifying existing ones through various forms of learning, such as conditioning or observation.

High Involvement

A state of strong interest and engagement with a product or issue, leading to thorough processing of information and careful decision-making.

Thoughtful Decision

A decision made after careful consideration of various factors and alternatives, often involving a deliberate thought process.

Sensory Selection

The process of choosing which sensory stimuli to focus on at a given time.