In a Given Year, U

question 67

Multiple Choice

In a given year, U.S. nominal GDP was $5,744 billion and the GDP chain price index is 93.6. Real GDP is:

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

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Definitions:

Average Cost

The total cost of production divided by the number of units produced, often used to calculate the cost per unit.

Total Surplus

The overall net benefit to society, calculated as the sum of consumer surplus (benefits to consumers) and producer surplus (benefits to producers) from a transaction.

Monopolist

An entity that is the sole provider of a particular good or service in a market, often characterized by their ability to influence pricing and availability.

Marginal Cost

The incremental expense incurred when a business produces another item of its product line.