If Nominal GDP Is $12,000 and the GDP Deflator Is

question 122

True/False

If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000.

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Definitions:

Millions of Acres

refers to a vast expanse of land, often used in the context of land ownership, agriculture, or conservation to denote a very large area.

Dutch Empire

Was a collection of territories controlled by the Netherlands from the 17th to the 20th centuries, notably in the Americas, Africa, Asia, and Australia, known for its trade networks and colonial activities.

Formal Treaty

A legally binding agreement between two or more sovereign states or international entities, often ratified by the respective parties' legislative bodies.

Royal Family

A family that heads a monarchy, consisting of a king, queen, and their relatives.