In 1990, U

question 137

Multiple Choice

In 1990, U.S. nominal GDP was $5,744 billion and the GDP chain price index is 93.6. Real GDP in 1996 dollars is:

• A)$6,137 billion.
• B)$5,376 billion.
• C)$6,000 billion.
• D)$6,376 billion.

---

Definitions:

Market

A venue for the exchange of goods, services, or information between buyers and sellers, which may be physical or virtual.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.

Market

A place or system where buyers and sellers interact to exchange goods, services, or information.

Consumer Surplus

Consumer Surplus is the difference between the highest price a consumer is willing to pay for a good or service and the actual price they pay.