If in Some Year Nominal GDP Was $28 Trillion and Real

question 8

Multiple Choice

If in some year nominal GDP was $28 trillion and real GDP was $32 trillion,what was the GDP deflator?

• A)87.5.
• B)114.3.
• C)400.
• D)896.

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Definitions:

Compensation

Payment or benefits provided to employees in exchange for their labor or services.

Hawthorne Studies

A series of experiments conducted to examine how different conditions affect worker productivity, highlighting the importance of social relations and worker satisfaction.

McGregor's Theory

A concept of human motivation, management, and leadership that divides workers' motivations into two categories, Theory X and Theory Y.

Social Setting

The context or environment in which social interactions occur, including the cultural, historical, and physical aspects that influence these interactions.