If Nominal GDP in Some Year Is $3800 and the GDP

question 17

Multiple Choice

If nominal GDP in some year is $3800 and the GDP deflator for the same year is 152,then the real GDP for that year is

• A)$2280.
• B)$2500.
• C)$3500.
• D)$3800.
• E)$5776.

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Definitions:

Direction

The course along which someone or something moves, or a particular position or orientation regarding space or time.

Coefficient of Correlation

A numerical measure that denotes the strength and direction of a linear relationship between two variables.

Linear Relationship

describes a direct proportionality between two variables, meaning as one variable increases or decreases, the other does so in a constant rate.

Interval Variables

Variables measured along a scale in which each point is placed at an exact distance from each other, like temperature in Celsius.