If the GDP Deflator in 2019 Equals 1

question 51

Multiple Choice

If the GDP deflator in 2019 equals 1.25 and nominal GDP in 2019 equals $15 trillion, what is the value of real GDP in 2019?

• A)$12 trillion
• B)$12.5 trillion
• C)$15 trillion
• D)$18.75 trillion

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Definitions:

Coefficient

A numerical or constant quantity placed before and multiplying the variable in an algebraic expression.

Computed F Statistic

A statistic calculated in ANOVA tests to determine if the means of several groups are equal, by comparing the variance between groups to the variance within groups.

SSR

Sum of Squares due to Regression, a measure used in statistical modeling to quantify the variance explained by a regression model, indicating model fit.

SSE

Sum of Squared Errors, a measure used to indicate the discrepancy between the data and an estimation model.