Nominal GDP in 2006 Was $13,458

question 51

Multiple Choice

Nominal GDP in 2006 was $13,458.2 billion. In 2006, the GDP deflator was 116.9. What was the real GDP for 2006 if the GDP deflator uses 2000 as the base year?

• A) $11,512.6 billion
• B) $11,522.5 billion
• C) $15,732.6 billion
• D) $15,746.1 billion

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Definitions:

Craft Unions

Labor unions representing workers with specific skills or crafts, often in the same or related industries.

Nominal Wages

Wages that are paid to workers in current dollars, without adjustment for inflation.

Price Level

A measure of the average of current prices across the entire spectrum of goods and services produced in the economy.

Real Wages

Wages adjusted for inflation, representing the purchasing power of the income received by workers for their labor.