If the Nominal GDP Was Reported at $133

question 31

Multiple Choice

If the nominal GDP was reported at $133.2 billion and real GDP was reported at $129.8 billion,what was the inflation rate for the period?

• A)1.59%
• B)1.94%
• C)2.32%
• D)2.62%
• E)2.88%

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Definitions:

Amalgamated Union

A labor union formed from the combination of two or more unions, typically to strengthen their bargaining power.

Variety of Industries

A wide range of sectors or fields of economic activity involved in the production of goods and services.

Union Steward

A union representative elected by fellow workers to serve as their liaison with union officials and management, often playing a crucial role in grievance processes.

Grievance Arises

Refers to situations where an issue or complaint is raised by an employee or a group of employees, typically regarding workplace policies, conditions, or treatments that they find unfair or unsatisfactory.