In 2010, Real GDP Was $13

question 109

Multiple Choice

In 2010, real GDP was $13.2 trillion and nominal GDP was $14.6 trillion. What was the GDP deflator for that year?

• A) 90.4
• B) 192.7
• C) 110.6
• D) There is not enough information to calculate the GDP deflator.

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Definitions:

Ending Work in Process

The value of goods that are in the production process but not yet complete at the end of an accounting period.

Transferred Out

Transferred Out is a term often used in accounting and inventory control to denote goods or assets moved from one department, location, or account to another.

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, computed by taking the number of partially completed units and converting them into a number of fully completed units.

Total Materials Costs

The total expense incurred by a company for the materials that are used in the production process of its goods or services.