Table 12-12 -Refer to Table 12-12

question 248

Multiple Choice

Table 12-12
$$\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal } \\\text { GDP }\end{array} & \text { Real GDP } \\\hline 2008 & \$ 7,400 & \$ 7,537 \\\hline 2009 & 7,813 & 7,813 \\\hline 2010 & 8,301 & 8,165 \\\hline 2011 & 8,760 & 8,516 \\\hline\end{array}$$
-Refer to Table 12-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars) : The base year used in calculating real GDP is

• A)2008.
• B)2009.
• C)2010.
• D)2011.

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Definitions:

Multiplier

A factor that quantifies the change in economic activity resulting from a change in spending, used in macroeconomic analysis to estimate the effect of investment, government spending, and other economic activities.

Career Average

Indicates the average achievements, earnings, or performance levels over the span of an individual's career.

Social Security

An insurance program available through the United States government that provides income to people who retire, become disabled, or who receive survivor’s benefits.

Baby Boomer Generation

The Baby Boomer generation refers to people born during the post-World War II baby boom between 1946 and 1964, known for their significant impact on the economy and culture.