Use a Calculator to Approximate to Three Decimal Places

question 142

Multiple Choice

Use a calculator to approximate to three decimal places

• A)315.500
• B)8.577
• C)25.120
• D)16.849

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Definitions:

GDP Deflator

A measure used to adjust the gross domestic product (GDP) for inflation by dividing the nominal GDP by the real GDP and then multiplying by 100.

Real GDP

The assessment of economic production's worth, corrected for variations in prices due to inflation or deflation, revealing the actual volume of goods and services generated.

Estimated GDP

An approximation of the total value of goods and services produced within a country's boundaries in a specified time period, before exact figures are available.

Output of Goods

The total amount of goods produced by a company, sector, or economy over a specific period.