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Table 23-3 -Refer to Table 23-3.Using 2007 as the Base Year,for 2006

question 94

Multiple Choice

Table 23-3
Table 23-3 -Refer to Table 23-3.Using 2007 as the base year,for 2006, A) real GDP is $760 and the GDP deflator is 100. B) real GDP is $760 and the GDP deflator is 125. C) real GDP is $880 and the GDP deflator is 80. D) real GDP is $950 and the GDP deflator is 80.
-Refer to Table 23-3.Using 2007 as the base year,for 2006,

Definitions:

Normal Selling Price

The standard amount charged to customers for a good or service under normal market conditions.

Beginning Inventory

The value of goods available for sale at the start of an accounting period, before any purchases or sales have occurred.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.

Purchases

The total amount spent on goods and services for the purpose of resale or use in production within a given accounting period.

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