In Year 1, Nominal GDP for the United States Was

question 96

Multiple Choice

In year 1, nominal GDP for the United States was $2,250 billion and in year 2 it was $2,508 billion.The GDP deflator was 72 in year 1 and 79 in year 2.Between year 1 and year 2, real GDP rose by

• A)11.4 percent.
• B)9.7 percent.
• C)2.4 percent.
• D)1.6 percent.

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Definitions:

Minerals

Naturally occurring, inorganic substances with a definite chemical composition and physical properties, found in the earth’s crust.

Reserves Available

The quantities of resources or commodities in storage or available for use.

Fuel Saving

Techniques or measures adopted to reduce the consumption of fuel, enhancing efficiency.

Hybrid Vehicles

Cars that use a combination of at least one electric motor alongside a gasoline engine to propel the vehicle, often enhancing fuel efficiency.