In 1980, U

question 115

Multiple Choice

In 1980, U.S. nominal GDP was $2,784 billion and the GDP chain price index is 60.4. Real GDP in 1996 dollars is:

• A)$1,682 billion.
• B)$4,609 billion.
• C)$3,889 billion.
• D)$4,000 billion.

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Definitions:

Quantity of Labor

The total number of labor hours employed or the total number of workers employed in the production of goods and services.

Excise Tax

A tax levied on specific goods, services, or transactions, often imposed on alcohol, tobacco, and gasoline.

Supply Curve

A graphical representation showing the relationship between the price of a good and the amount of it that suppliers are willing to produce and sell.

Perfectly Inelastic

A scenario where the demand for a good does not change in response to changes in price, represented by a vertical demand curve.