-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:

Free-Rider Problem

The inability of potential providers of an economically desirable good or service to obtain payment from those who benefit, because of nonexcludability.

Highly Profitable

Describing a business or activity that generates a significantly higher amount of earnings compared to its costs.

Private Firm

A business owned by private individuals or entities, not traded publicly and not owned by the government.

Good

A tangible item or consumable entity that can satisfy a want, need, or desire, making it useful or enjoyable to consumers.