If Real GDP for a Particular Year Is $5 Trillion

question 122

Multiple Choice

If real GDP for a particular year is $5 trillion and the GDP price index for that year is 136,the nominal GDP for that year is

• A)$3.7 trillion
• B)$4 trillion
• C)$6.8 trillion
• D)$27 trillion
• E)$68 trillion

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Definitions:

Unemployment

The state of being without a paid job despite the willingness to work.

Federal Income Tax

The tax levied by the U.S. federal government on individuals and entities based on their annual income, with different rates applied to different income ranges.

Salaries Expense

The total amount paid to employees for services rendered during a specific period, recognized as an expense.

Social Security Tax

A tax that funds the Social Security program, which provides retirement benefits, disability income, and other payments to eligible individuals.