Examlex

Solved

If GDP Rises from $5 Trillion in 1989 to $8

question 117

Essay

If GDP rises from $5 trillion in 1989 to $8 trillion in 1995 and the GDP deflator in 1995 is 125,find (a)real GDP in 1995; (b)the percentage increase in real GDP from 1989 to 1995.


Definitions:

Liability

The state of being legally responsible for something, typically referring to the obligation to pay debts or damages.

Bailment

A legal relationship in which physical possession of personal property is transferred from one person to another with the understanding that the property will be returned.

Pay Stub

A document provided to an employee with each paycheck that details the wages earned for the pay period and the year-to-date, including taxes and other deductions.

Private Carrier

A company or individual that offers transportation services not to the general public but under specific contracts or agreements.

Related Questions