Reference: Ref 6-3 (Table: GDP Data) Using This GDP Data

question 54

Multiple Choice

Reference: Ref 6-3 (Table: GDP Data) Using this GDP data, how much did nominal GDP grow between 1995 and 2000?

• A) 16 percent
• B) -14.5 percent
• C) 31.8 percent
• D) 13.63 percent

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Definitions:

Cartel

An association of independent businesses organized to control production, pricing, and marketing of goods to restrict competition.

Labor

The human effort, both physical and mental, used in the production of goods and services.

Minimum Wage

The lowest legally permissible hourly wage that employers can pay their workers, intended to protect employees from unduly low pay.

Unemployed

Individuals who are capable of working and are actively seeking employment but are unable to find a job.