If Nominal GDP Is $12,000 and the GDP Deflator Is

question 122

True/False

If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000.

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Definitions:

First President

Refers to George Washington, the inaugural President of the United States, serving from 1789 to 1797.

Explicit Memories

Memories that can be consciously recalled, such as facts and events.

Classically Conditioned

A learning process in which an association is formed between a previously neutral stimulus and a stimulus that naturally evokes a response.

Physical Skills

Abilities requiring bodily movements and coordination, often acquired through practice and training.