-By What Percent Did Real GDP Rise Between 1998 and }

question 191

Multiple Choice

$$\begin{array} { c c c c } \text { Year } & \text { GDP } & \text { GDP deflator } & \text { Population } \\1998 & 500 & 100 & 200 \text { million } \\1999 & 800 & 160 & 210 \text { million }\end{array}$$
-By what percent did real GDP rise between 1998 and 1999?

• A)0
• B)20
• C)60
• D)100
• E)160

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Definitions:

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the owner's claim on the business assets.

Intangible Assets

Assets having no physical substance (such as patents or franchises).

Current Assets

Assets that are expected to be converted into cash, sold, or consumed during the next 12 months or within the business's normal operating cycle if longer.

Prepaid Insurance

A current asset account that represents the amount of insurance premiums paid in advance for coverage extending beyond the current accounting period.