Consider the Following Data, Where GDP Values Are Measured in Millions

question 23

Multiple Choice

Consider the following data, where GDP values are measured in millions of dollars, to answer the next seven questions:

-What is the value of the GDP deflator in 2011? Round to the nearest decimal.

• A) 54.6
• B) 154.6
• C) 110.0
• D) 90.9
• E) 112.0

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Definitions:

Labor Force

The labor force comprises all the working-age population that is either employed or actively seeking employment.

Output

The total amount of goods and services produced by an economy over a specific time period.

Real GDP

Real GDP refers to the total economic output of a country, adjusted for inflation, representing the value of all goods and services produced over a specified period.

Growth Rate

Growth rate measures the increase in value of a particular variable, such as the economy, a business, or an investment, within a specific time frame.