If the Price Index Was 100 in 1991 and 120

question 61

Multiple Choice

If the price index was 100 in 1991 and 120 in 2001,and nominal GDP was $360 billion in 1991 and $480 billion in 2001,then the value of 2001 GDP in terms of 1991 dollars would be

• A)$300 billion.
• B)$384 billion.
• C)$400 billion.
• D)$424 billion.

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Definitions:

Visual Image

A mental representation or physical likeness of an object, person, scene, or concept perceived or imagined.

Foreign Language

A language that is not the native language of the speaker, but that is used in the area where they are living or is commonly studied as a second language.

Memory Fade

The loss or weakening of memory over time, often due to the aging process or lack of mental stimulation.

Levels-Of-Processing Principle

A theory in cognitive psychology suggesting that the depth (shallow to deep) of mental processing affects memory recall, with deeper levels of processing leading to longer-lasting memory retention.