Table 71 GDP Based on Table 7

question 45

Multiple Choice

$\begin{array}{rrrr}&\text { Nominal GDP }\\&\text { (in billions of dollars) }&\text { GDP deflator }&\text { CPI }\\\hline2002 & \$ 6,992.4 & 106.2 & 151.6 \\2003 & 7,431.6 & 109.1 & 153.8 \\2004 & 7,843.2 & 112.3 & 157.8\end{array}$

Table 7.1 GDP Based on Table 7.1,the real GDP for 2003 was

• A)$4,832.0 billion.
• B)$6,811.7 billion.
• C)$6,584.2 billion.
• D)$6,984.1 billion.

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Definitions:

Unemployment

Unemployment refers to the situation when individuals who are capable of working and are actively seeking employment are unable to find a job.

Financial Crisis

A situation where financial assets suddenly lose a large part of their nominal value, often leading to bankruptcies and economic downturns.

Phillips Curve

An economic concept illustrating an inverse relationship between the level of unemployment and the rate of inflation.

Inflation Rate

The percentage rate of increase in price levels over time, which can erode purchasing power.