If Nominal Gross Domestic Product (GDP)for a Particular Year Is

question 29

Multiple Choice

If nominal gross domestic product (GDP) for a particular year is $6 trillion and real gross domestic product (GDP) for that year is $5 trillion,then the GDP price index for that year is _____.

• A)1.2
• B)17
• C)20
• D)83​
• E)120

---

Definitions:

Excludable

A characteristic of a good or service that allows owners or producers to prevent its use or consumption by others.

Rival

in the context of goods, refers to a type of good for which one person's use diminishes others' ability to use it.

Club Goods

Goods that are excludable but not rival in consumption

Private Goods

Products or services that are consumed by one individual and cannot be used simultaneously by others.