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question 35

Multiple Choice

$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Table 2.4
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 2011 $\quad$$\quad$$\quad$$\quad$ 2012
$$\begin{array} { | l | l | l | } \text { Noriiral GDP } & \$ 555 \text { million } & \$ 610 \text { rillion } \\\hline \text { Real GDP } & \$ 480 \text { rillion } & \$ 575 \text { million } \\\hline\end{array}$$
-Refer to Figure 2.4.The GDP deflator for 2012 is

• A) 60.9.
• B) 94.3.
• C) 106.1.
• D) 157.4.

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Definitions:

Small Business Owner

An individual who owns and operates a business that is smaller in scale in terms of revenues, employees, and operations.

Economy Of Scale

The cost advantage achieved by companies when production becomes efficient, as fixed costs are spread out over more units of output.

High Shrinkage

A term used in retail to describe a higher than normal reduction in inventory due to factors like theft, damage, or errors.

Prices

A term referring to the amount of money required to purchase a good or service; it is determined by factors such as demand, supply, and production costs.