Table 23-5 The Country of Caspir Produces Only Cereal and Milk. Quantities

question 428

Multiple Choice

Table 23-5
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015.
Prices and Quantities
-Refer to Table 23-5. In 2018, this country's

• A)real GDP was $1080, and the GDP deflator was 156.3.
• B)real GDP was $1080, and the GDP deflator was 177.8.
• C)real GDP was $1920, and the GDP deflator was 177.8.
• D)real GDP was $1920, and the GDP deflator was 156.3.

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Definitions:

Insurable Interest

A stake in the value of an entity or event for which an insurance policy may be obtained to cover losses.

Insurance Contract

A legally binding agreement between an insurer and an insured, where the insurer promises to pay benefits for specific potential future losses in exchange for premiums paid by the insured.

Risk Assessment

The identification, evaluation, and prioritization of risks followed by coordinated efforts to minimize or control their impact.

Indemnity

A contractual obligation of one party to compensate the loss incurred by another party due to the acts of the indemnitor or another party.