The Reference Base Year Is 2013

question 85

Multiple Choice

The reference base year is 2013. To calculate the chained-dollar real GDP in 2012 we calculate

• A)the value of the final goods and services produced in 2014 valued at the prices that prevailed in 2014.
• B)the value of the final goods and services produced in 2014 valued at the prices that prevailed in the base year.
• C)nominal GDP in 2014 multiplied by price level.
• D)the value of final goods and services produced in the base year valued at the 2014 prices.
• E)the base-year GDP and add the average of the increases in real GDP calculated using 2013 prices and 2014 prices.

Grasp the basic principles of supply and demand dynamics, including shifts in curves due to external factors.

Understand the concept and objectives of rent controls.

Analyze the long-term effects of rent controls on housing efficiency and economic welfare.

Evaluate the impact of rent controls on tenants and landlords.

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Definitions:

Distribution of Data

The way in which data values are spread or scattered across a range, which can be depicted in various formats like graphs or charts.

Rank Order

A method of arranging items in a sequence, where each item is ranked based on its value or importance.

Shape

A term in statistics and mathematics describing the geometric or visual characteristics of a dataset or distribution, such as symmetry or skewness.

Stem-and-Leaf Display

A graphical method used to display quantitative data where each number is split into a stem (the leading digits) and a leaf (the last digit).