The Base Year Is 2014

question 17

Multiple Choice

The base year is 2014.A country only produces Blu-ray players.The price of a Blu-ray player in 2014 was $100.The price of a Blu-ray player was $90 in 2015.The quantity of Blu-ray players produced in 2014 was 10,000 units and in 2015 was 10,500 units.Real GDP in 2014 equals

• A)$1,050,000.
• B)$1,000,000.
• C)$900,000.
• D)$945,000.
• E)an amount that cannot be determined without information about real GDP in 2007 .

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Definitions:

Important Values

Core beliefs or standards that guide and motivate attitudes and actions in individuals.

Peer Pressure

The influence exerted by a peer group in encouraging a person to change their attitudes, values, or behaviors to conform to group norms.

Aggressive Modeling

The process by which individuals learn aggressive behavior by observing and imitating the aggressive actions of models, such as parents, characters on television, or peers.

Self-Reinforcement

The process of rewarding oneself to increase or maintain a behavior, based on personal standards and without external rewards.