Use the Table Below to Answer the Following Questions

question 21

Multiple Choice

Use the table below to answer the following questions.
Table 20.4.1

-Refer to Table 20.4.1. Calculating chained-dollar real GDP, real GDP in 2014 increased by

• A)56 percent.
• B)55.25 percent.
• C)54.5 percent.
• D)30 percent.
• E)75 percent.

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Definitions:

Marginal Cost

The increase in cost that arises from producing one additional unit of a good or service.

Output Effect

The impact on total output or production due to a change in selling price, affecting the quantity sold.

Price Effect

The impact on consumer demand and consumption patterns caused by changes in the price of goods or services.

Collude

To cooperate secretly, especially with the intention to deceive or achieve an illegal or deceitful purpose.